Verdict and Conclusion
At its currently listed price, $120USD the SRW-S1 racing wheel leaves much to be desired. Something as simple as a small desk mount could make that price tag worth it. But when compared to something like an Xbox controller the price is just too much. It is not wireless and does not offer force feedback, two things that most inexpensive controllers offer at half the price.
As-is it is still a good buy for anyone with space concerns, I have never seen a controller such as this one before so I do have to give Steelseries points for being innovative and throwing in credits for Simraceway.
If Steelseries dropped the wheel to $100USD it would be an instant classic, or if they were able to include force feedback it would justify the $120 price tag. I am hoping that Steelseries comes out with a few accessories for the wheel in the future, including but not limited to a clamp-on desk mount. Even a simple metal mount with rubber feet could allow much longer gaming sessions compared to how it is right now.
Final words
For someone who is cramped on space and cannot fit a full racing wheel set the SRW-S1 racing wheel is a perfect route to take for a racing fan. But if you can fit the full sized set do so since the SRW-S1 just does not offer enough features to pull a hardcore racing fan away from a set that includes pedals.