Seeing as i work at GAME thought id help you out

If you just want to play F1 an get a steering wheel id personally go for the PS3. And get the GT driving force steering wheel (best on the market) it has full support gears, has a clutch, and throw back. What that means is if you hit another car, wall etc the steering wheel will turn and act like a real crash.
Also your PS3 would also double up as a 3D Blu-ray player annnnnnd you can at a later time get yourself gran turismo 5 which also has some nice tracks/F1 stuff on there.
We have also just added a massive sale on PS3's for xmas. Deals are on till dec 24th.
Btw in not a fan boy, i personally own an xbox. But for your needs PS3 has much better selection of wheels.