It's not bad at all.
However, and I don't know if anyone else has found this, but on Xbone once you have the wheel connected there's no way of accessing the menu system, as it requires you to use the trigger buttons which the wheel doesn't have (paddles act as RB/LB). This means that 4/5 of the general options are out of reach, and even worse than that is that I can't get to the geo/damping menus so all the cars handle like buses! Silly, silly move methinks. I tried using a controller but that refuses to do anything when you have a wheel plugged in.
Other than that, it's rock hard. The R500 was awful around Donny, but the Ginetta GT3 was much better round Spa. I binned the R18 out of Eau Rouge and wrote it off