I have a SRW S1 mounted on an old gameport BRD steering wheel column.
I know for a fact that Race 07 has no issues when playing with this wheel. Netkar Pro on the other hand is a big problem. The steering of the SRW S1 is only 360° and I can't seem to get the right settings ingame to get the steering correct. It's difficult to play netkar pro with this wheel.
The wheel itself is direct and has no lag. If feels good and most of the buttons are well placed.
There is no FFB but for me personal that is no issue at all. I use to have a G25 and G27 and the SRW S1 is more direct than the logitecs. Shifting paddles work as good as the paddles of the logitech wheels, altough they are not from metal.
The throttle and the brake paddles (yes paddles because they are placed at the back of the wheel) work as good as pedals from the G27.
I enjoy this little wheel but I do miss standard pedals (at my feet) sometimes.
As far as I know, you can't use an old Xbox wheel on pc and thus it will not return to the center on its own. You will have to plug in the SRW S1 into the PC and the SRW S1 has no FFB, and therefor no automatic return to the center.
If money is an issue, I'd get the DFGT as Peter said. The SRW S1 is probably more precise but it is still a non FFB wheel with only 360°.