Personally I hated the first Horizon, and
I wished T10 and playground games had never made it. I found it even easier then FM4 was in single player mode, and I was burning through the offline races. I also had all the roads explored within the space of 4 to 6 hours of starting the game on release day. Hated the fact there was no proper tuning as well, which really hampered the whole drifting side of things. The physics where far too watered down as well, and I just didn't enjoy racing online at all with it. I did buy it again before FM5 dropped just so I could give it another go, thinking that I might have just been too harsh the first time around; but I had the same feelings as the first time. I traded it in when the X1 and FM5 released last year.
Now onto FH2, and I have to say I like it. It feels like the game the first one should have been, and it is just better to play. I am enjoying driving around the map, enjoying the single player races, although the drivatars are still too easy on unbeatable difficulty; but I have that same issue on FM5. The physics, even though they have been watered down, are on a much closer level to FM5 this time around. Obviously with some exceptions for the style of gameplay in FH2. The car list is pretty good, and not really missing very many cars that are in FM5. I have been online a couple of times, and I am enjoying that aspect also. I am also enjoying the photomode, which is something I have never really paid any attention too over the years it has been in forza. Sufficed to say, I am glad I have FH2, and it will be used fairly often. Been messing around with a little FH2 mini edit tonight also, something I haven't done for quite a while. I am not great at montages and such, but I never really felt the desire to do any since early FM4 days.
http://www.eurogamer.net/articles/2014-10-01-sony-confirms-wheels-that-work-with-ps4-racer-driveclub
You could be out of luck there unfortunately, as Sony have potentially locked out previous gen wheels. Logitech are saying the G27 wont work on the PS4 without a security chip, so that could also be the same with the PS3 compatible Fanatec wheels.