For £15, it's not bad at all. For that you get more than just EAX support if you have a good soundcard. You get different cars, drivers, helmets, performances for each track thanks to Ralph Hummerich. It's more of a simulator because you'll find the Williams cars going better on high speed circuits and such. I'd recommend it!
But with kids like me on a tight budget, I dont go splashing my cash. I would let someone give it to me as a gift, but I wouldnt really buy it. There are bugs fixed and added cool stuff, but it is not worth buying it now if GP4 is coming out in May.