One of the members of my small driving-community is a Croatian vice-champion in rally, he also drove numerous hill-climbs, asphalt rallies, drove hundreds of national and international races in rally and road and naturally he cloaked thousands of kilometers on race tracks driving many race-prepped machines.
We discussed many times regarding exactly that - how accurate can handling and tire-response are based on his experience and feeling of what car/tires are doing.
Of all games he drives and has driven, he finds Richard Burns Rally as having the best weight-physics ever created. However, as far as actual feel of handling is concerned, he praises only Gran Turismo, but with some constraints >
he highlights RUF BTR and RUF Yellow Bird on Sport Hard/Medium tires compound as being the closest to real life he ever experienced virtually.
For all other games he says that although they can be more attractive/have more options/more pronounced some effects, none of them actually captures the "simulation" of actual handling as GT does with S1 and S2 tire compounds. He notes that all other games just nullify the twitches of high-powered cars produced when pushing to the limit and that level of actual grip is just too great. He highlights how lateral movement and weight-transfer in all other games is being deliberately toned-down (or made wrong).
Interesting is how he praises the work done by PD in tire-department, but also with some constraints.
He finds all compounds in "Racing" class too grippy and he concludes they were made in order to make game more playable. He finds that level of snap, grip and peak of real-life racing tires is perfectly simulated with S2 (Sports Medium) compound on stock cars, while S3 is the real-life equivalent of performance for race cars.
As for driving on edge with "normal" tires, he highlights N3 and S1 compounds, although he personally finds N2 (Comfort Medium) being closest to grip levels of street tires when being driven on street car (without any race prep).
Link.