There is a clear cut distinction between a racing Simulation, such as Grand Prix 2, and a racing arcade game, such as Official Formula 1 Racing. The Simulation genre is generally difficult to master at first, and may prove exasperating and frustrating to come to grips with. A brilliant example of this is the Toca series, by Codemasters. Every corner has to be taken exactly right, otherwise you would lose the back end of your car and spin. That is why the majority of game players actually prefer to race Arcade. The general Arcade game, such as OF1R is easy to play, takes less than 10 minutes to get the hang of, and is good fun for the first week or so. The small challenge the arcade brings to the player however, is short-lived, and the rewards are poor. The simulation, once mastered, provides great satisfaction to the player, especially after completing their first lap in a good time without crashing. Because the rewards are so great, the lastability of the game roars sky high. Take Grand Prix 2. Released in 1995, and still going strong, even after nearly 6 years. No doubt Grand Prix Legends by Sierra will also last a long time.
Monaco Grand Prix Racing Simulation, in short, MGPRS, has tried to acheive what is really not possible. It has attempted to come half-way between arcade and simulation, and this is the area in which it has failed. The resultant game is lifeless and not very interesting. Sure, a massive amount of effort was channelled into the production of this game, with brilliant track graphics in textured 3D. But the fact is the game loses it's interest after a month. The atmostphere is dull and the physics of the game are poor.
The conclusion? Always go for the sim. Persevere with the game and the rewards will be extremely fulfilling. Forget your Need for Speed 3's and Official Formula 1 Racing's, and go on and try out games such as GP2, GP Legends, Toca 2, and a definite Grand Prix 3 when it is released.