It's like a hybrid of RealFeel for RFactor - everything dynamically calculated from the steering arms reacting to the track, no canned effects, and GTL/GTR2 - weight transfer is transmitted, favors telling you about oversteer rather than understeer, both front and rear wheels transmit force. On the PC you can change this to be the best of both worlds (other than missing some understeer feedback) but it's still pretty good on consoles.
While the engine driving it is really nice, being dynamic, and reacting to the track and car setup, means that the worse the car is dialled in, the worse the feedback through the wheel.