edit:
new videos (just click "free" on the page to skip to download)
options/racers/track previews -
http://rapidshare.com/files/18813081/formula3.wmv
Racing/replay mode -
http://rapidshare.com/files/18814588/formula4.wmv
(sixaxis driving) -
http://rapidshare.com/files/18807522/formula1.wmv.html
So have been playing F1 for several hours to get a good feel for the game.
Graphics - Cars, drivers, lighting (fantastic lighting!!!) and weather effects are the best. You almost want to switch views every minute just to watch yourself race from a different perspective and drive in the rain just to see the rain drops on the screen and mist flying up (heavy rain is crazy...mist everywhere). The aforementioned are clearly the focus of the visuals, and while the environments are good overall it's clear that the majority of the effort was put into the other things. The game is unbelievably smooth; no fps slowdown whatsoever.
Sound - Have it on 5.1 via optical and it sounds good. Commentary can be turned off obviously but it's sometimes helpful especially reminding you when to pit. PLus the all important "go, go, go" at the beginning, just in case the huge lights in front don't sufficiently warn you that you're about to start a race
Online - Signed on about a half hour ago (11pm eastern) there were about 130 people playing. You can join many different channels, each of which have many races to choose from. I raced in two full races (11 people, 11 AI cars) and it was very smooth and a ton of fun even though i got my ass handed to me within about a minute. No lag in either of those two games which was great.
Options - Tons. Quick race, time trial, career, championship. All the teams, racers. There's a big tutorial mode, an F1TV thing to watch replays and from there (as well as in the race options) you can hit X on any track and see a run-through of the computer driving it to get a feel for it. TONS of driving aid options, weather, laps, etc. 18 tracks in all.
Also support for 3 Logitech driving wheels.
SIXAXIS driving - Didnt know this was even in the game until after I bought it and was reading about it. VERY well implemented and a ton of fun to use (check out sixaxis driving video). Im also using SIXAXIS in all the race vids. Can be used online as well.
So far Im having a great time, even as someone who doesnt follow F1. Without driving aids the game is f'in hard, but it's also challenging and I'm glad it gives you a reason to practice. With driving aids on it's more arcadey for the times when you dont feel like having a complicated race.
If you have any questions I'll try and answer them...
Videos (race vids being uploaded...)
(sixaxis driving) -
http://rapidshare.com/files/18807522/formula1.wmv.html (just click free on the page to go to download)
Pictures: (if they don't appear here see them at my webshots page:
http://good-times.webshots.com/album/557930485fqtlWa)