Thats why I won't get one. I have enough fun without it. But for sure its more realistic, and also faster overall, if you have one. I'd rather spend the money elsewhere!
Its great that it can be realstic. But its still a game. Even if its bloody awesome. With the pad I'm about two seconds slower per every minute on track compared to the top times (but only at tracks I know well). But in an online race, thats good enough to win if you can stay out of trouble. Racecraft is as important as outright speed. You don't need a wheel for the game to be fun. If you can afford it, and have the space to get a nice setup created, it can enhance the game a lot. But not having one isn't the end of the world.
I must see if there are any pad only competitions as I imagine we're not the only ones!