Have this game on Xbox, and seen on PS3. Very pretty graphics, fairly good, albeit not "sim" handling, but same major flaws, well publicised on other forums, do exist. e.g.
You can only focus on your own cars in replays or once you've crashed out of the race, so no switching to another car to view their race. This is bizarre - every other F1 title I can think of has offered this.
The timings are irrelevant. If you follow another car round in qualifying, and stay, say, within 1 second of that car for the entire lap, so you know your lap and it's lap should be pretty close, that other car could post a time 5 seconds quicker or 5 seconds slower than your car. In other words the other cars are just random clones put up, and bear no relation to lap times they post.
There's plenty of other valid criticisms too.
My focus is on online racing, so the timing issue above is not an issue, however not being able to view other cars, or watch a replay of an online race (possible in some other F1 titles) really does undermine what could be a truly magnificent game.