The game still needs some work, but for what it is, it is probably one of the best racing experiences you could ever drive.
AI is usually quite good and realistic, but if you want you can even let it improve manually. It has a few bugs, but hopefully they will get fixed someday.
Physics are great.
FFB (Force Feedback, or Vibration) is also very good, though it could get some improvements.
Graphics... OK for the most part, could be better. Slowly improving, though.
Sounds... Depends on the car/mod, but they also need some work.
User Interface... Depends. Either you won't mind it (as the old UI is, well, quite old now), or it will be a pain in one place. Currently, new UI is in public-beta branch and it's being tested.
Moddability... Could be better. Workshop is well supported, but sharing mods publicly in other places and then getting them installed manually is a pain. Also, at the moment mods are mostly Cars/Tracks, but there are some HUD mods. (SimHub also helps.)
And of course, it has VR, though it's not SteamVR and you might need to check the settings thoroughly to enjoy it fully.

Overall experience: Amazing, but you might need to spend a lot of time to get the settings right. When you do, it's probably the best racing experience you can get right now.