I have the newer version PORSCHE 911 GT3 RS wheel from the german company Fanatec and love it. Trust me - you won't believe how superb virtual racing gets when you step up in wheels. You can use the stock paddle shifters or add the manual gate. I plugged in the Logitech G25 triple pedals and they work perfect. The company sells an adapter... how great is that?! The Fanatec pedals are amazing but more than I wanted to spend.
Licensed by Porsche. Excellent variables and control set-up. Alcantara suede and the larger diameter feels right. Big feedback motors seem rugged enough to take the beating if you want to maximize the real feel.
Most pleased and is also compatible for the PC. Shop smartly online and the same package can be had for around $200. I like it so much, I'm shopping for another just for guest use.
http://www.fanatec.de/
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For seating, most sim units look ergo wrong and feel wrong. You need to sit low, pedals higher up, monitor correctly skewed. Build your own is the way to go. For portable sake and league meets, I picked up a slightly used AB roller exercise seat and modified it. The whole thing folds up but is far sturdier than many newer off the shelf seat systems. The pedals are adjustable and you can get them up high enough. Another seat I have was a fluke on buying. Its a kicker game seat with a built-in subwoofer that provides vibration sync to game feel. Surprisingly better quality material and controls. A close-out Target special in the box $265.00 marked down to $75.00. Kind of neat but prefer the AB roller modded seat.