I agree, it is no substitute, but I do believe it helps a lot. Remember that there is almost no testing in F1 these days. Just about the only practice they get is during the race weekends. Everything else is done on the simulator.
For maximum realism you need this in addittion to the normal gaming computer:
3 screens or 3 projectors. You can get away with one, but you lose the sense of speed and it becomes harder to judge lines and braking.
Steering wheel $500 or more.
Fanatec CSL Elite is a good option in this price range.
Pedals with realistic clutch and load-cell brake: $350
Fanatec Club Sport Pedals is a good bang for the buck option.
+ Seat and a sturdy frame (Buy ready made or make your own)
This is not cheap, but as I said I truly believe it is worth it. It has helped me hone my heel-and-toe skills among other things.
There are other products out there which may be just as good or better. Thrustmaster may have some. I don't know them myself, so I can't say much about them.
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