I agree Neil. I think it's easy to dismiss this because the last one was poor, it's coming from a developer known for bikes and is based on a lesser known series. There are definite signs of improvement though and I like some of the ideas they're trying to implement.
Having 19 cars on track, 16 in multiplayer is the first big plus. The weather feature is really interesting but will need to wait for the full game to see how it is implemented, whether there is a forecast system of some sort and how what it means for tyres, whether you need to start cooling the tyres etc. Do we know if there will be pit-stops? AI seems pretty good, they surprised me on a number of occasions, perhaps they chop around a bit too much.
The physics is still a little questionable, doesn't feel quite right, better than last year though. I also noticed the sensitivity and dead zone, especially at high speeds. I'll keep an eye on it too.
By the way if you go to time-trial instead of race you get the chance to play with settings. All the usual options, though not quite as in depth as other games, also some presets, such as qualifying, race, high-speed etc.