I very much like this product.
If you are going to buy a PS3 steering wheel, don’t bother with cheaper models, get this one. The extra $40 will be worth it in saved headaches and general enjoyment.
The Logitech PlayStation 3 Driving Force GT Racing Wheel has sturdy quality, is very responsive and has a comfortable feel in both the wheel itself and the included pedals.
The buttons are ergonomically placed and it even has a working horn button right where it should be for when Jeff Gordon pisses you off.
On the bad side, while the cords are definitely long enough for most living areas, the connectors come out easily if you sit on the couch and drive or move the unit during play, which you of course will. I fix this by using a bit of duct tape to secure the connections (which I still must re-secure every now and then).
Which brings up to one more con; the product is lacking a piece to grab onto with your thighs for playing whilst sitting on the couch. I deal with this shortfall by placing the steering wheel on a pillow on my lap.
I personally have never used the table grabbing contraption, which is built in, but that wouldn’t suit my needs as my TV set is not near a table suitable for such purposes.

Overall, I give the Logitech PlayStation 3 Driving Force GT Racing Wheel 4 out of 5 stars and a very high recommendation.
If you’re going to get one, get this one.