It's very realistic if you have the right setup Michael...and challenging.
I have the wheel attached to the little table-type thing I made. It then pulls towards me and over my knees as I sit on the sofa. Doesn't move about then. You can feel 'feedback' from the wheel, which has electric motors inside it. Very sophisticated.
The pedals I've mounted on a flat board, which hooks under the front of the sofa so that you can push hard with your feet and nothing moves around. All screwed and bracketed.
I race against people from all over the world, online. You can communicate with them on the headphones and mike during the races. Great fun.
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(I have a later model Xbox now... than the white one in the photo).