rFactor will give you great physics, graphics and quality tracks.
Just beware - download the wrong mod and you'll be wondering how people can think rFactor is great
- it's totally dependent on the quality of the modding team (some are terrible).
The phyiscs engine of rFactor is NOT arcady - however a less than realistic mod will make it feel that way (especially if the tyre model is too forgiving).
CTDP 2005 is a stunner and as PNSD says, the BMW F1.07 is amazing (hope I'm correct about this....
) this mod is endorsed by BMW, so really should be good.
I race in a GTL League (effectively the same physics engine as rFactor) and I must say the immersion and realism are superb...........not to mention racing the older style cars is sooo much fun