OK so my thoughts so far on the four racing titles that get some degree of serious support on PSVR.
GTS
Looks great in comparison to Driveclub and Dirt Rally, however it is limited in what you can do, particularity in regards to anything other than hot-lapping. While it certainly has added something back to GTS, for me its eyecandy that needs racing.
Driveclub
It has racing!!!! The looks certainly take a hit, particularly when you have a full grid in front of you, and the weather is gone. However its a more complete package than GTS in this regard, as it actually has a career in VR. I've also found that you can look around a lot more in DC than GTS, take the Xbow in GTS and try to look over the sill outside the car and once you get past a certain point it cuts to black, DC however you can lean your head right out over the sill and watch the front wheel of the Caterham as you hammer down a mountain in Japan.
Dirt Rally
Easily the most complete of the 'reality' based racing titles, as its the full title, all stages, all cars, weather included. As such it gets a big thumbs up in that regard, looking around the cabin is great until you look behind you (the rear of the car isn't modelled), and the main thing for me is that despite the visuals again taking a hit it actually makes a lot of stages easier to drive. I've been cutting upwards of ten seconds off my previous best times on a number of stages, with handbrake turns in particular being far easier to time in VR.
Wipeout
OK, so this one certainly isn't based in the same reality that the other three are, however for me this is the current VR racing gold standard. Not only does it include every single part of the core game, but it manages to do so while being the best looking VR title I've come across so far. It looks stunning, its smooth and detailed and demonstrates exactly what can be done within VR (I'm honestly amazed that they dropped this as a freebie).