Im a bit of a wheel junkie and have owned various models including the Fanatec Turbo S, Fanatec GT3, GT2, Logitech G25 and G27.
Tha Fanatec is way better than the G27 and the logitech feels really poor after you have used the Fanatecs........the Thrustmaster T500 however is however better than the Fanatec IMO.
It feels really precise and natural and with the add on F1 wheel really brings a new dimension to f1 2011.
I wouldnt worry too much about the abscence of the rev lights, i have a SLI-PRO mounted on top of the wheel and i can honestly say i barely look at it as its easier to look at the one on screen.
You will not be dissapointed with how the Ferrari F1 Wheel looks either, its not that plasticy and both the rubber grips and paddles shifters have a nice feel.