There is no Shift physics in this game. I hate Shift physics and I adore FRL physics. This game is not even close to the Shift physics and FFB handling - at least as long as playing with the wheel is concerned.
Both Shift and Shift 2 are literally half-playable with the wheel and complete sensation of tires and suspension is made crazy with constant oversteer and dramatic loss of grip for the front tyres without apparent reasons (vanilla versions). Also the crazy level of grip for rear tyres and constant traction-control for rear-axle also does not help.
Ferrari Racing Legends is sensational to play with the wheel, you have 1:1 linearity in 900-mode, the car is doing exactly as you would expect all the time and FFB effects for both tyres and suspension and track-surfaces are top-notch.
What I see as potential possiblity for this game is usage of all assets from Shift games (tracks most notably) and importing them to FRL engine.
Here are some of my writeups on FRL subject, feel free to check them (some of lengthy read but you will get a better picture why am I so damn impressed with this game on many levels):
http://www.neogaf.com/forum/showpost.php?p=41943840&postcount=237
http://www.neogaf.com/forum/showpost.php?p=41980316&postcount=248
http://www.neogaf.com/forum/showpost.php?p=42260844&postcount=256
http://www.neogaf.com/forum/showpost.php?p=42302775&postcount=261
Also, here is the CP of my latest comment made about this game on SMS/WMD forums a month ago, I am c/ping it here because you can't read it there unless you are a member:
BTW Nice to see you back Xan.