You can view official details HERE!!! By the review of it on Team Xbox, I'd say it looks pretty damn sweet...I will definitely be getting this for PGR3 and Burnout!
Both team xbox and IGN have good reviews for it; if you frequent IGN, you'll find it is VERY hard to please them with peripherals, expecially if it is a third party one. But IGN gives it a thumbs up, so I'm guessing it's good.
I'm honestly waiting for a wheel to hit with force feedback and some realistic characteristics. If it is a good wheel that provides a nice realistic experience, I would be willing to pay for it.