If you're into simulations, then you can't pass this up.
Graphics - When you're in the cockpit, there is no other way to say it then, "ITS REAL." They've designed it down to the last detail, including sponsors! When you watch yourself in the replays, it is pretty much just like watching a real race. The offtrack environment aside, cars, tracks, and bystanders look realistic and the lighting effects are fantastic. The screenshots posted on Gamespot do NOT do justice to this game.
Sound - Whether it be the reeving of the engine, talking on the radio to your pit crew, or hearing a Ferrari F550 fly past you, the sounds are loud and thrilling. Just like race cars should sound like. If you've got it turned up loud, neighbors might mistake your house for a Nascar track. Once again, the sound is entirely realistic that you'll want to pump up the volume to the max just to hear your engine revving. Stomping on the accelerator to hear the noise is worth more than half of the price of this game.
Don't forget to buy a wheel, its the optimal way to play the game. The Logitech MOMO should be the minimum. I have it and it works fantastically. The developers even pre-programmed settings for certain wheels, including most of the popular Logitech ones. A step up from the MOMO would be the Logitech G25 which is a bit more expensive but offers the benefit of a clutch and selector gearbox. Whether you use sequential shifting or individual selection shifting, it is the real deal on the track and it takes more concentration than your average arcade racer. Its the most realistic driving simulation coming from a company owned by the director the FIA GT championship. What did you expect?