I've been playing this game for the last hour, and I can tell you it doesn't really feel like a simulation. Sure, you can tweak your car settings, and they take realistic damage, but it's not to the point where you will feel overwhelmed.
The controls were a nice surprise for me, because I happen to own a 360 controller, and it gets recognized properly, unlike most games from 2004-prior. In that, I mean the triggers actually can be set as accelerate and brake. So, if you want to play this game with accurate controls, but don't have the money to shell out for a driving wheel setup, pick up a wired 360 controller (or the wireless receiver, if you already own a wireless one).
On my machine, this game runs at a solid 60 fps, at 1440x900 resolution. I should also take this moment to mention my specs, so you can judge whether or not the game will run well:
GeForce 8600 GT w/1gb VRAM
7200 rpm 500gb hdd
Intel Core 2 Duo 3ghz x 2
All in all, if you're looking for a good rally racing game, and don't mind an oh-so-slightly steep learning curve, then Colin McRae Rally 2005 is your game. Also, $9.99. 'Nuff said.