Decent F1 games (on any gaming platform) are few and far between but this is really great for a handheld game.
Visually it's good but not a patch on the likes of Gran Turismo or Motorstorm. The menus and interface are fully featured without being too overcrowded.
Obviously the team and driver data isn't up to date (it is 2009 of course) but if you want a seriously fully featured F1 game on the go then this is it.
Based on value for money alone, this is a great purchase and once you've got the hang of the handling and which driver assists to leave on, you'll find a lot of playing time here. I can definitely agree that the analogue stick is just far too sensitive for this game, resulting in snaking all over the track. Use the D-Pad, it's much more effective.
Not the best racer on the PSP but a solid F1 game which will provide many hours of entertainment.