I can guarantee that Project Cars will do open wheel racing better than the F1 game.
I really hope the license goes elsewhere. Codemasters have dished out the one dissapointment after the other. The balancing between the tracks are ridiculous...some tracks you can't finish in the top 10 with Ferrari and other you win first time with the worst cars in the game.
The fact that they simulate track times for the cpu, instead of the cpu actually driving around the track is blasphemous. Grand Prix 4 managed to get it righ 12 years ago.
I played F1 CE, released 2006 on ps3, the other day and it's far better than anything Codemasters have released.