There are 3 serious options for PS3/PS4:
- Thrustmaster T150 (mixed cog and belt drive, not too powerful motor, cheapest decent PS4 wheel)
- Logitech G29 (behaves like a DFGT on PS3 so will work with everything, fully licensed on PS4, cog driven but less damped than the T150)
- Thrustmaster T300 (belt driven, more powerful motor than the other two, low damping, swappable rims, supports PS3 and PS4 games). This wheel also comes in a more expensive package "Alcantara Edition" with better rim and pedals.
Compatibility for the Thrustmaster wheels is shown on their support site. For instance:
https://support.thrustmaster.com/en/product/t300rs-en/
Open up the PS3 game support and you can see that F1 2014 and GT5/6 is supported. On the PS4 side all titles are supported.
Obviously you'll quickly see when researching that the Thrustmaster pedals are well below the the G29 in quality, whereas the belt drive of the T300 is a big step up from the G29. Depending on your location and how much each wheel costs for you, the right choice will come to you. Purely from the point of view of the most optimal experience the T300 alcantara would win in my opinion, but it costs the most.