That game looks fantastic. I'll be picking this up to feed my new G27. I'd say this definitely qualifies as a sim. No doubt. Any game that employs extensive research and algorithms to accurately depict the real thing qualifies as a simulator. Even though there are sims that many consider more accurate, like rFactor and iRacing, that doesn't negate the fact that there are different degrees of simulation, some more detailed than others.
I think Simbin's Race07+GTR Evolution is better......however, I think F1 2011 has a chance of being appealing to me as a wheel owner, the major criteria is wheel precision and overall FFB, ie, I want some feel in the pedals as one would expect from a powerful F1 car,
After playing F1 2010 I'd want to play this before buying it. I'm an F1 fan, but honestly I couldn't care less about simulating all the convoluted rules systems in F1 these days, I just want something that feels good and F1 2010 only felt "meh". My favourite F1 car is the one in Live for Speed, maybe Formula RaceRoom, its been so long since I've played it I can't remember what the RaceRoom car was like