I've had the game since yesterday, and i have played it quite a lot.
To be honest, it's not a bad game, in fact, it's a very good game. I am half way through my first season, and it is hard not to spin exiting the corners, but i haven't had a single puncture, and haven't experienced any problems with the pit-stops yet.
Graphically the game is amazing, my dad came into the room when i was playing it yesterday and mistaked it for real F1 until he saw me with the controller in my hand. (I was Vettel racing around Monza at the time). The weather system is simply magnificent, and it is crucial that you change your tires at the right time otherwise your race is screwed.
Overall, this game is great. The only problems i have is the split distances, you don't know how far the car in front of you is, but apart from that, all the bugs that people have reported on the Codies forum are simply non-existent for me.
Not tried the online yet, but will surely give it a go soon and see how i get on.