I've often toyed with the idea of buying a racing wheel for some racing-sim action (I don't mind arcade-racing on a pad, but I can never get into sims).
There's obviously a reasonable scene surrounding racing simulation on the PC, but whenever I consider it from the position of someone that tends to prefer arcade racers, games like Forza and NFS:Shift seem to be appealing and polished in a way that the PC sims aren't.
Have you ever invested in a wheel for use on a console? If so, which wheel did you use, and did you feel it provided enough use / value for money?