I do wish Psygnosis hadn't simplified the Option Menu so much as I prefer to tweak my car to death but you can't have everything.
If you follow the sport, avoid the Arcade Mode like the plague. In this mode realism flies out the window as the game turns into 'F1 Off-Road' with powerslides, dirt sorties and bumper-car antics. The steering control in the GP Mode is perfect with pin-point accuracy and responsiveness but the Arcade Mode is another story altogether. Ironically, this adds realism as it's difficult to see far away in a real Fi car at speed. The graphics are impressive in their detail but there is some pop-up which makes it hard to see far in the distance. The sense of speed is so great in Fi that you have to really learn the track before using the in-car view. Other than the deletion of tobacco ads and the odd exclusion of Jacques Villenuve, every driver, track, sponsor and team has been painstakingly re-created. Compared to last year's version, it's much easier to assume the role of an F1 driver with the new in-car view.
I've been a hardcore fan of Formula One racing (the sport) since I was about 9 years old and I feel F1 Champion Edition really conveys an accurate look and feel of the sport on the PS.