Collision physics are quite terrible in the game, the tiniest of bumps result in some ridiculous crashes and airtime, when you bump into or get bumped into by another car it is massively over the top even with the slightest rub (especially in the classic open wheelers) and then there is the grass, its like they designed it to be a suction pad, if you so much as sniff quarter of a wheel on it in the classic cars you're either headed for the wall, a massive uncontrolable spin or both.
I just think in both those cases the game is way over the top and it can be very frustrating when you're racing with the AI (which are fast, very fast but they have no concept of spacial awareness around you and will drive you off the road, or drive into you and do strange things when driving in packs (start of the race like 4/5 ends in a crash with me and the AI, that I could have only avoided by letting them start before me).
I really like the physics, they have a lot of potential, mostly i've been driving the old F1 cars (the modern Formula Renault has some major issues where it bounces around the road like as if it has infinitely stiff suspension). While I really like the old F1 cars, I find I havent got a setting with the controller that doesnt make them feel floaty and unconnected, I never feel connected to the car and I can't drive them consistantly, pulling off a lap at Spa without crashing is very difficult because of all of the above factors, even though I'm fairly fast, I just can't get a connection going..
FFB is good but its very overpowering, it almost feels like it drives you rather than you're driving the car, and the FFB itself can cause you to crash, again this might be a lot to do with finding the right force feedback settings, but the only real way to do this is in the controller ini and there is a fairly big list of things you can change, but I don't even know where to start with it. At the point where the forces arent too overpowering the actual feel and weight of the wheel is very weak, giving a very strange feeling to it.
Graphics wise, I think its pretty good. I have it up on max and while I think some of the lighting and colour toning could use some work the game does a pretty good job, its a massive improvement over Rfactor one and the textures are certaintly higher than GT5, they just need to do a bit of polish and tweaking to get it all moulding together better, the most important graphics fix they need to do though is the performance, its shocking, this game wants a current top end pc to run at its best at the moment.