I have just decided to put some money down and get iRacing, and found this when I went to their page, Bonus! Might not suit many of you but it certainly floats my boat.
50% off New iRacing Memberships
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I've heard the same, and only ever used it at my mates place after a number of drinks, so I don't think I was in any state to really make any detailed judgement ;) don't know about lag, I have a few friends that use it and they've never mentioned any lag issues.
I haven't used iRacing, but i've been interested in trying it out for awhile.
I read on Whirlpool that Cadillac have setup a promo for free 6-month membership, that gives you their particular Cadillac car to race around in. (What a clever promo to try and sell people a car.)
I'm not sure of the exact details, because I haven't played iRacing before, but I entered my details here and it has given me a 6 month code. Will be interesting to find out.
http://www.bsimracing.com/2012/07/iracing-register-for-your-…
Have you tried it out? I've heard it puts other racing simulators to shame. Any problems with lag when racing in Oz?