"Rob
I'm not an iRacing fan tbh...
I'm waiting more for rFactor 2 and what the new SimBin game has to offer...
The best looking game and one that is still in development is PCars. Project C.A.R.S as it's also known...
It's a weird one as it's only made and developed by the community and the more you pay in to the game, the more say you have about the way it's developed.
It's only in SP at the moment.. but in a year or two, It could be the biggest and best one out there..
http://youtu.be/eIk8ys-KdFE?hd=1
This is an old Pre-Alpha build... So it's a lot further on now and looks a lot lot better...
Only issue with C.A.R.S is that it's a game that you need a decent machine to run it on basic settings.. If you have a machine to max it out.. Then wow.. It looks stunning.
rFactor2 sux from what I've seen. It's no better than the original in graphics or phisics.
iRacing is constantly improving it graphics and physics almost on a weekly basis.