You'll never forget this experience!
Yes, graphically it is basically the same as F1 05, if not slightly better.
The formation lap is one of the coolest things. There is a rev-limiter so you can't overtake anyone. And warming up the tyres does affect your start!
And the damage model is amazing. One touch with someone and your front wing starts shaking or you might even lose it! And the tyres come off very easily, too.
The experience is AWESOME.