If you want to but a F1 game,go for this one. Gameplay is great. The AI is smart but not too difficult. The controls and other concerns such as views,e.t.c are well taken care of. However,handling insn't as good as that of Official formula 1 racing.
Graphics are quite good.
A normal Pentium III or AMD k7 processor with an AGP should do fine. Good music in menu and great roar of the engine in the game.