I just picked this up tonight along w/ forza 3. It's MS new controller, a mini wireless steering wheel. It goes for $60. Figured I'd post up some impressions in case anyone is on the fence about it.
In short it's freakin awesome. Very light and easy to hold. Very important given that you'll be holding it up as you race. Left and right triggers are nice and wide with a generous range of travel. It's very easy to have just a little gas or brakes.
I was very surprised at how responsive and precise it is. It's very easy to hold a line through a turn or whip your car left/right through a chicane.
I used it tonight with Forza 3 which I never played and the Grid 2 demo. This thing really shines with Forza - the in car view with this wheel is gaming bliss. Not like the old wheel that you had to hold in your lap. The game plays and controls very well.
Grid 2 was a slightly different story. The in-car view in that game makes it very difficult to see what turn is coming up ahead. The sense of speed is very good but it's stupid arcade racing fast. So I switched to the roof view and that worked much better. The wheel worked flawlessly and definitely added to the racing experience.
I can say that for me this was the best $60 addon I've bought. It just plain works and works well. Check it out if you're looking for a wheel but don't have a desk or table handy to mount it to.
Do your arms get tired holding it out for 30-60 min at a time?
Also, you mean this, right?