Computer racing programs are divided into two basic forms, the simulator, and the arcade game. Simulators try to recreate the real thing as much as possible. The grip levels, braking, accelerating and cornering forces on the car. Car set-ups and crashing the car causing damage, actually have an affect on the cars handling. Sims are based on real formula such as F1, Nascar, CART racing, Touring Car racing, etc. Simulations are also (in my opinion) generally, harder to drive consistently. They require a bit more time and effort to master the basic car set-up techniques and to control the more realistic car handling. Many sim enthusiast's (Myself included - sad but true!) spend long hours pouring over telemetry data, and watching replays, trying to eek out those last few tenths!
Below are details of recent notable driving programs (Simulations). If you would like me to include details of other programs, or submit a review or information on a particular program yourself, please forward the details to me.
PC Diving Game Reviews - Simulations:
A lot of good things are being spouted about this one? World Sports Car racing is just as glamorous as F1, and you get to race some very exotic cars too! Even the in-car drivers have been motion captured, so expect detail levels to be high. WSC features 20 different cars, although final details have not yet been released, expect to see the MaClaren F1, Lotus V8 GT1, Porsche GT1, Panoz, and the odd Ferrari too. Apparently you can even drive off road, out from the pits, and in the nearby trackside car parks, and even drive the cars on or off the transporters!

The graphics are awesome (checkout the screenshots) sound should be very accurate, and the cars physics are said to be spot on (but they all say that don't they?) It has been reported that Alison Hine (of GPL fame) has been hired to help out with on-line/network racing, so this area of the game should be pretty good too. The final tracks have not yet been announced, but there are eight of them, expect to see Monza, Spa and Daytona included. The expected release date is not known, but don't expect to see it before the end of the summer 2002.

For more information on WSC's, check out:
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Now superceded by F1 2002, more of the same but with 2002 season data. Probably the best modern F1 sim available at the moment?

Colin McRae Rally 2 continues the theme from CMR with more of the same. But, with better graphics & sounds, more cars, more tracks, more options. It is a bit arcade(ish) but I argue that to do well in this game/sim, you have to master the driving and the car set-ups and learn the tracks, so it is just as hard as a hardcore sim.