Richard,
I have a few hours under my belt and for the first time last night felt good about my laps. The learning curve is steep which makes it all the more satisfying when you string a few corners together, then a few laps, then the pb's start to drop. This game is unforgiving - it is a simulation and you do need to treat it like you're driving a real car. You'll figure that out after the umpteenth time you spin off and crash...
I am yet to race as I'm getting used to everything still. I'll be giving it a go next week. I expect carnage with all the other newbs on track...