A new wheel is always something to get some information about, before buying one.
At firts, I would recommend a Fanatec wheel over a Logitech.
Coming from a Logitech G27
I now own a Fanatec GT3rs v2 with the Elite pedals, which is a Fanatec offer. For about £240
Recently I owned a CSR wheel aswell. Just because I was curious how it would be.
In my opinion the CSR has very good paddle shifters and a nice layout of buttons.
The FF reaction is a bit quicker, as the wheel is a bit lighter.
This is as far as my pro's for this wheel go.
After 2 nights of racing, I went back to the GT3. Because the cheap plasic rim was causing blisters to my hand. And I couldn't get a good feeling with roadcar races either. For real race cars the wheel feels just fine.
If you don't need your wheel for the Xbox, you won't be dissapointed with the GT3. If you do need it for the Xbox then a GT2 is also a good option. As these 3 wheels are basically all the same.
And yes Fanatec wheels can fail as all other wheel brands do. But when it does, repair is on its way or even a new wheel. So no problems with that at all