[snip]
I have the PSX version. It's actually pretty decent. I've been very happy
with it in some heavy playing of Gran Tourismo (though not really very long
term usage yet). The wheel works well. Very short throw as it's only 1/2
circle lock-lock (which I don't mind). The brake and trigger-throttle are
analog, but don't expect the fine control you'd get out of a "real" set of
pedals. Overall, I'd say it is a reasonable super-cheap solution. Though I
think you are better off with either a dedicated wheel (TM's GP1 was on sale
at CompUSA for free after rebate) or even a good stick + pedal combo.
Again, this based on PSX version experience.
$40 sounds a bit high. I recall them having the PC version on sale for $30
not too far back. You might also want to try Walmart.