its as good of a basic car sim as any. GTAcademy also helps people learn how to drive competitively. Theres no sim that is going to make anyone all of a sudden be a pro-race car driver. Neither is there any sim that can ever beat the skill/strength/and mental capability that real life racing has. Driving a car is a feeling. Whatever game gives you that feeling, is the one that you will enjoy the most.
My advice, play the field if you're looking for the end all simulator, and its probably in the PC world. But then again, that line in realism is sort of up to how the controls in your hand, compared to how it feels in your ass when the cars body is sliding. Also, what are you looking for? Porn and a good sim, that keeps you entertained with cars (as much as one can be entertained?).
Its not like you're going to hop into a f1 car after playing a simulator, any simulator. You're going to learn how to drive competitively, on a track. if thats the next step you want to take, and really.. on a track is the only place to know if your body is even up for it.
I gave up the challenge to flock from one sim to another because X many of guys online say that Grand Prix Legends is the end all of gaming, because I couldn't buy my car, modify it, and sort of see how the game translates it. Thats the gauge I use. Sure, there can be 1 million calculations going on about a tire, that I'd have no idea about, causing my turn on x track to be more accurate than another game, but I'm betting the basics i've learned about entry speed/exit speed/elevation would at least translate over multiple sims.. I like seeing tracks in other games as you remember how you've been mastering the damned thing, and yeah, you can pull off a pretty good time in different games/sims once you figure out how the sim responds.
short rant.. but it is what it is.