It also does have hideous input lag, although it's possible to learn to deal with that as well.
I agree completely that it's actually a better game than many give it credit for. If you play on PC the input lag goes away for the most part. If you tune the cars correctly they actually drive reasonably well. It's got a nice little career structure, some great DLC, and an incredible tuning system. And yes, it puts you in the moment of racing better than just about anything else.
I think it deserved all the hate that it got because the problems with it were fairly massive, but hiding underneath is a decent little game if people like it enough to dig for it.