I made the reference to the game in the F1 forum a while ago because I didn't think they'd be enough interest in the console forum for an F1 game.
Anyway, I got my PS3 copy about two weeks ago and have been playing it on/off. It's a neat game with decent graphics, decent framerate and very good gameplay AFAIK. I might not be the best judge of an F1 game since I haven't played one since the shockingly bad one by EA 2000 on the PS2, but what does impress is that they've managed to capture a bit of the F1 world. If you chose to do the "full race weekend" - you've got everything from P1, P2, P3 to Q1, Q2, Q3 and race of course. The great thing about this is that you can skip all the sessions once you had enough and go to the race, which in itself can be any length you wish.
Of course, all the rules from the 2010 season are in, meaning at least a run on both tyres. The team wil keep you informed of the basics and thanks to the drivers assists, it's pretty much accessible from beginners to experts.
Only shame is that there are no safety cars in the game, but to make up for that, you have fully dynamic weather included. Framerate on the PS3 is good enough. It's not a perfect 30fps, but the framerate drops (especially when driving into the pits) is hardly noticable or any kind of deal breaker.