The demo is up on PSN. That should be able to answer your technical questions.
As for me, I'm unimpressed with what I've played of the demo. I'm a huge F1 fan, but I still don't think Codemasters has gotten it quite right. Pumping these out every year isn't doing the series any favors. It's perfectly serviceable, but I'd rather play GT5. Too many bugs in F1. Too bare bones. And apparently you can't play through the seasons as particular drivers. You have to make one up. Ugh. Must have been a licensing issue or something.