Exactly that. No sim is offering a flawless plug-and-play solution right now, although that is the direction they're heading. The closest is Live For Speed, as it supports the latest runtime, and all menus are accessible in VR. But you still have to muck about at the start, finding the VR option in a rather unintuitive menu. After that, you're in business - should be a one-time thing (at least until something breaks with the next SDK update).
Once you're up and running, the shortcomings of the hardware become clear. All the well-documented stuff is annoying for racing - very small sweet spot in the lenses, bad weight distribution, obvious screen door effect, overall lack of clarity, noticeable latency.
Absolutely, and I'm expecting the comfort to be mostly solved too. Some will still not like anything touching their face, but the Rift in particular is said to be much lighter and with ideal weight distribution, meaning it shouldn't feel much worse than wearing a baseball cap and some high-quality ski goggles. While the resolution upgrade doesn't sound great on paper, the overall improvements to display and optics are significant - should be at least twice as good as DK2 in terms of clarity, particularly in motion and across a wider area of the lenses. Sims will take a while to get on board though - it won't be plain sailing from day one.
After that... any further shortcomings will become more apparent. A sort of uncanny valley sensation. The closer we get to reality, the more we'll notice when stuff isn't quite right - one of the biggest challenges being virtual arms and hands. Gonna be a while (and probably more than one generation of headsets) before that is truly solved.
Here a piece I did recently for RTVR:
http://www.roadtovr.com/top-5-racing-sims-with-oculus-rift-support-virtual-reality/