Just Damn, good.
The game will really appeal to you if you start to follow F1, properly and are a major fan of it, which i am. Other gamers will be sort of left out.
Carrier mode is totally cool. In the beginning you start to play with teams who generally are expected to be at the lower end of the grid like HRT-Cosworth, Lotus Racing and Virgin Racing, but as you win races you will be able to access bigger and better teams.
The pulp of the game is qualifiers and practice, if you really start to play around with the car setting and see how your lap times decrease, you get a really good sense of satisfaction. The car setting can also be tuned by your engineer, for basically 6 different types settings ranging from wet-adaptable-dry. Their setting also very according to your relationship with them. The more credit you give to them during interviews the more better their setting will be.
The racing itself is really intense (BTW: don't turn on all brake assist and racing-line they remove all the fun from the game), watching other cars take the turns and seeing how they perform in various section can really push your skills as a driver.
I have not tried the multiplayer, but I'm just too busy loving the Carrier mode =p
OVERALL:
Pros:
-Carrier Mode is interesting and glow on you.
-Great atmosphere and world.
-Competitive
Cons:
-Car tunning could be more detailed and varied.
-Game engine could have been better with the physics
-The tachometer will be really bugging for manual drivers (like me)
-Appeals only to F1 fans.
CONCLUSION:
This is one hell of a game for the hardcore F1 fans and really worth the buy.