I've wanted a racing wheel for quite a while, having always been a fan of racing games. The price, however was what kept me away- decent wheels (with pedals) usually costing around the £60 pound price point. I saw this for £28.97, and decided that was low enough to give it a go. I should point out that I've only used it on the PS3, so this is only a review of how it works with the console.
It plugs in via USB, with each button mapped to a button on the standard controller. The pedals are the equivalent of L2 and R2, while the wheel is mapped to the horizontal axis of the left analog stick. As such, it works on every Playstation 3 game that uses this layout, or with a customisable control layout. You can also re-map the buttons themselves, although I have not needed to do this yet, as all the games I've played have had this option in-game. One issue with this is that you have re-program the wheel each time you turn it on, which I imagine would get fairly tedious. The button system works very well though, and it means that pretty much every game is compatible with the wheel, which can't necessarily be said about a lot of other wheels, even more expensive ones.
I have had some issues with steering sensitivity of some games, where the sensitivity is of course calibrated for the analog stick. This can cause steering to be quite twitchy if the game doesn't have an in-built sensitivity option. You CAN change the wheel itself into high sensitivity mode, but you only get this or the normal sensitivity, and if neither of these settings work for you, there's not a lot you can do. Again, you have to set the wheel to high sensitivity mode each time you reconnect it, although this is done relatively simply and wouldn't be as annoying as re-mapping a large number of buttons.
The build quality of both the wheel and the pedals seems pretty sturdy, there is a bit of a sense of cheap plastic about it, but that doesn't really matter once you're playing. The wheel also has some high-grip areas where you hold it, which is a nice touch. The wheel has a clamp system which it uses to attach to desks/tables etc. You tighten it with a bolt, and this ensure that the wheel grips the surface very tightly and doesn't slide around at all during use. However, the clamp might not fit some tables where there are supports hanging down from the main surface, as it has to fit around anything like this.
Another potential issue is that the pedals don't grip very well, and they tend to slide around quite a lot when in use.
The wheel also has a "bungee cord" system which pulls it back towards the centre. It certainly adds to the wheel, as you get the sense of resistance when you steer. Of course, it's probably not as good as force feedback, but if you want a wheel with that, you will be looking to pay A LOT more.
Altogether, this is a very good wheel and pedal set, it certainly makes racing games a lot more fun and realistic than using a standard controller. It has its issues, but the lack of grip on the pedals is the only one that's particularly major. It's not a high-end wheel, so it can't do certain things, but it doesn't pretend to be, so that's fine by me.