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That isn't the only pro to a racing wheel. First, some places/events won't let you drive with wooden steering wheels. Presumably the idea is that the wood can splinter in an incident and puncture the driver.
Even with a small steering wheel you won't have a problem turning the wheels. PS doesn't help with that as much as being able to able to make minor corrections very quickly when at the track. The smaller wheel will let you faster corrections on the road and at the track, but the PS is what all the racers found they need to run right on the edge.
One drawback to the racing wheels is that it makes driving on the road slightly more fatiguing; the wheel moves more and you have to be more precise with your driving inputs. On a long trip it adds a little to the concentration and may be less enjoyable for some.
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