F1 06 is an accurate F1 experience with a variety of game modes, and most importantly, that sense of spped.
F1 06 includes all of the official drivers, circuits, teams and sponsors, as well as helmets and even the timing screens are like the ones on TV. However, if you make a single mistake, you've basically messed up your entire race if you can't correct it quickly. This is not a major issue, as with practice, you will instantly master the concept of the game. Even if you can't master it, the options will give you a helping hand, such as brake assitance, and a 'virtual racing line'.
The game easily allows people unfamiliar to the sport to pick and play quite fast. There's an F1 Encyclopedia in the extras, explaining clearly all of the complicated rules of the sport. Also bundled in the extras is F1TV where you can watch your replays, including the stunning crashes you can set up!
The cars sound mightily real, but instead of a commentator, you have your 'Racing Engineer' who helps give you advice. His voice can be pretty annoying but you'll get used to him. Career mode is the option for you if you want the entire sport in your hands. You start off with a basic team and work your way up the field, contracts, e-mails, news and stats included. It really does work very well.
Overall, there are plenty of effects and detail to animation, and it can be a very rewarding game (if you have the patience), but if you don't like F1, the game would be a waste of money. But if you do, then if you satisfy you enough untill the next game comes out.