I suspect the best games would actually build out totally different simulation models for wheel vs joypad, just because their input parameters are so different. A wheel simply can't allow that sort of reaction. Games that work with controllers have to be able to deal with someone going lock to lock in milliseconds. That's because if you're interested in iRacing you should know wheels are completely required and that you'd better be ready to spend some serious time and money if you hope to compete because that isn't meant to be a game at allĪs someone who has been trying to move from Normal to Simulation Steering* (to use the Forza parlance: basically totally removing the assists that average out the input to let you flick the thumbstick without a crash) on a controller, I can see why a wheel is appealing for the precision but also wonder about the effort required to do anything crazy with rapid correction. If you're familiar with iRacing, notice I didn't mention it at all. For other games like RaceRoom Experience and AC or Pcars, I don't even know if those are playable with a controller, let alone enjoyable.
Most would say it's not quite "sim" level but the difference between a wheel and controller is immediate and huge. I mentioned Dirt Rally up there and that is a fantastic game to play with a controller BUT if you get really deep into it where you need the extra control a 900 degree wheel provides with analog pedals (and possibly a clutch and shifter) then it will accommodate you. Now with that said, if you LOVE racing and driving games / sims then yes, a wheel will absolutely be worth every single dollar at that price point. Only start thinking about a wheel if you're playing something like Asseto Corsa or Project Cars or RaceRoom or other hardcore driving games and thinking "I need more response when I'm going through these corners to improve my laptime." All of those games are completely fine with a controller and make for pretty good games, as in "Games" and not simulators. If you're playing things like Forza and Forza Horizon and Burnout and Grid and Dirt Rally (more on that in a moment) then a racing wheel is probably a waste of money. Don't buy a racing wheel until you're playing racing games all the time and you think "got-damn I want to nail this corner perfectly but this xbox controller just doesn't provide the accuracy I need."
As someone who just bought a $200 entry level force feedback racing wheel, don't buy a racing wheel.