Dude, there are several threads with that question here and they are all giving the same answer: Yes, bloody yes, despite all its faults. Search the wheel settings thread, set up your wheel, take a look at the tuning threads - cause unlike in GT5 you actually need to tune your car to make it a good drive and not just throw on some superstickymagictires - and then go out and have the racing time of your life. Be prepared to fall asleep while driving GT5 afterwards.
PS @ Steve: You crazy fool. You re half a minute faster than Bellof in his 917... Imagine that!