Race 07. If you like WTCC and your computer is nearly half a decade old, like mine, you need to go out to PC World immediately and buy a new PC. The graphics are phenomenal and 32 tracks, you will be glued to the screen for months. You need a graphics card that can support a lot of memory space on your PC for this to work.

Graphics - Very clear useable graphics, good replays, not as super enhanced as codemasters grid, but, good enough to make this a very enjoyable racer. Of the same standard as GTR2.

Sound - Excellent, this is one of the best parts of the game, uber realistic and adjustable. Excellent.

Gameplay - I have found this to be a very enjoyable racer with few problems. I have mostly raced it off line and have found the A.I. to be very challenging and quite sensible most of the time. They make mistakes and drive defensivley but do have the tendancy to punt you off if they are on a flying lap and are going quicker than you.
The overall driving experience is very good. If you like simulations, this should be a must buy, but if you prefer arcade racers which are unlife like and require no driving skill, then stay well away. I feel its fair to say that if you have no concept as to how a real car works then you will hate this game and find it extremley difficult, however, if you want a game where the changes to your set up are instantly noticeable and effect your overall performance, then you will love this game.
I use a logitech G25 wheel and pdal combo and the force feed back in this game is better than in any I have played. It has plenty of feedback settings and gives your shoulders a real work out on the more aggressive settings. With this particular wheel you will feel exactly what the car is doing, how it feels with other wheels I cannot say.
Some of the front wheel drive cars can feel a bit vague comapred to the other cars but they still feel very good.

Summary - A very good racing simulation, not quite as good as GTR2 or GT Legends, but, worth buying cheap.

A more sophisticated driving experience than rFactor but not as flexible.
I prefer rFactor for online racing and mod's, but it's not a patch on the full blown simulation in Race 07.

In summary...
If you like driving games, get both.

If you like online driving and are prepared to put in some quality time finding a good set of online racers and not wreckers, get rFactor.

If you prefer the single player approach and a little more attention to detail then get Race 07 (don't get me wrong, Race 07 is fine online, but the community appears bigger with rFactor, i.e more racers than wreckers).

It's just there isn't much of it.
Yes, you go through the season and yes you can drive the caterham pack now, but it's very limited really. The cars are limited and even though this game is brilliant to drive with a steering wheel (I use a Saitek R440), it makes more sense to buy rFactor if you want a driving game...