An F1 game sounds really interesting since no one has made a decent one yet. I'd be up for that.
As The Moose and others have said, there have been some good F1 or F1 type games for PC.
However, in terms of console games that has not really been the case, up until this year with the release of
F1:CE which is an excellent F1 game and even features what I feel is a far more intuitive AI, realistic crash damage as well as mechanical failures that exceed what is offered in any GT, PGR, TOCA, or Forza game. The physics model is excellent as well, and has a well thought out online support with up to 11 players, one for each team, and 11 AI cars as "teammates". On top of that it gives plenty of variable game setting options, allowing players to create more precisely the type of racing and level of realism they want. It even has a pit crew that you control in order to get the best possible time.
I've been buying and playing PC and console F1 games for many years now, and F1:CE has not only raised the bar, but has many features, like it's AI, mechanical and crash damage, and pit crew that I would love see other game series incorporate them into their games.... so no, there have been some very decent F1 games, perhaps no more so than F1:CE.
Actually, I'd love to see a game allow me to re-live previous Formula 1 races letting me drive cars that were piloted by many famous F1 drivers like Gilles Villeneuve or Aryton Senna.
I agree! Especially one that would offer a large number of historic F1 cars and tracks, such that you could pick your "era". If it came with reasonably accurate physics for all those historic F1 cars I would be incredibly impressed!
Imagine a GT style F1 game with over 1,000 F1 cars and 100 tracks representing over 50 years of F1 history! That would be amazing!
Honestly, even if they gave each year's cars the exact same physics model, thus the only differences between the cars in each year of an F1 game would be the aesthetics, and driver skill... I'd still rush out and buy a game that offered that many historical F1 cars!
I just don't see it happening as it would be such a huge undertaking... but if it happens, no matter what format it comes out on, PC, Xbox, or PS... I'll be first in line! 👍👍
In the meantime, I'm still very much enjoying F1:CE to get my F1 gaming fix. 👍