Really want to jump in but I also want to wait for any pad player tweaks they come out with first.
it's really not that bad. i play with a pad, and while it is not perfect (see my remarks above about the weird hesitation) it is totally playable and a hell of a lot of fun. i wouldn't let that stop me from getting the game if you are an f1 fan. and just think, you could be having fun like the rest of us and then when they fix it (if they do) it will be even better. my times are shit because i'm not really that good at the game but to give you an idea, i'm running around 1:34 on melbourne in a pos renault, which is two seconds off of pole position (remember, i'm shit). you just have to remember to make very subtle moves with it. it's kind of like dirt rally in that regard.
edit: holy shit. i really do suck at this game. i just noticed some of the melbourne times above me in a renault. i'm going to go hang my head in shame now. do i even deserve to play the game?