I have the ps3 version but I assume its the same for the xbox360 version. My g27 was plug in play, you can map all the buttons in the option menus. But there's no options for wheel strength, force feedback, or any specific settings. You can only map the buttons. The wheel itself is VERY loose to steer with, very little resistance, and almost no force feedback. It's there but it's pretty light, it shakes a little when you crash. Options to change these settings would have been nice... Overall it works fine with the wheel, but takes a bit getting used to. I'm going to race with it a few more times, and then try the standard controller to see if it controls better that way... Drifting and sharp turns have been difficult but it might just take a little getting used on my part, I've only been in 3 races so far.
After a couple more races I'm getting used to it a bit, it's been working alright. I have my handbrake and boost assigned to the paddle shifters which works well. I still don't like the looseness of the center of the wheel, there's more resistance and feedback the more you have to turn but just driving straight and making slight turns and movements is loose. I'm not sure I can completely recommend using a wheel yet over a controller, specially if you want to get competitive times, but it is fun to use just for the fun of it.