Ok, fair enough he has mentioned that the game is in development, and he's not going to post videos going 'OMGZ!!!11!! Thiz iz teh pantz!!!!!', but I don't think he is being fair. The way to look at the Formula B is not a GP2 car, but a late 90s F1 car, which has much less downforce than we are used to now in simulations. When the tyres are cold, they don't have much lateral grip, which is only natural; he hasn't driven a warm-up lap, so the tyres are stone cold at start. The tyres are not undriveable without SC, just with his settings, which he's not happy with.
I think the main issues with his set up are the FFB masks, which need to be disabled to get the most informative feel (not necessarily the most realistic). The lights not going up to the maximum LEDs on the wheel I think was something to do with changing the design of the wheel, it will be fixed before release, it's just a 5 minute fix.
As regards to the AI, there as a huge change in the AI at the start of April, with much better collision avoidance, much better lines, and so on, but it was a bit soft and unwilling to challenge. This was found to be a fault with the coding of the AI, and was also causing odd crashes. Since then (about a week ago), they released another change to the AI system, and it was competely wrong; the AI had no avoidance system, would turn in on you as if you weren't there, kept driving off track, blah blah blah. They are working on the AI now, with some more updates, stopping the AI driving off track, stopping them getting on to the racing line at the start, more work on avoidance systems, so once they are all compiled and tested, they will be released to us. I'll post a vid to show what happens when it does get updated.
Lastly, this was an example of what I was saying about being feature locked; although it is not in game, it will be implemented soon. We will have a crane that comes along and picks the car up out of the gravel trap. We're not sure about marshalls (I think it was dismissed on not having a high enough Return On Investment - ROI), but the cars will be removed from the gravel traps and the track (in the event of it the car stopping on track) under a full lap yellow. From what I remember we won't have pace cars on release, but it should be a week one update.