It's not amazing imo, it will be a good game but imho it's starting to lack more and more as a sim-racer. It's still overly smooth and the grip has improved somehow, it's quite strange sometimes how the car doesn't break out on you though there are realistic natural instances of this too.
Graphics, well they are good but there's something very not right about them, I think it's because they look more like a cartoon in places. Cockpit view is alright, you don't really get the visceral impact of other games and this is where I feel that FM3 lacks; feedback to the driver/player. The only impacts you feel on the track are the parts where the track dips sharply, some corners in real life take a car round by itself due to the camber or the entry into the corner, there is one instance in this demo I could see this happening and yet it doesn't. Get a wheel on the grass in a high bhp RWD and it would usually result in a slight to total loss of control but in FM3 the grass and dirt is like tarmac itself.
The main thing I find annoying though is the somewhat over abundance of grip and the easy nature in which you can drive the Racing Porsche.
Like I said it's a good game, how it will fair in the aspects that used to matter is a different thing altogether.