It will be.
There is no hope for console racers.
Too big a development, too many sales necessary, not enough people who want to be reminded they are not good enough to drive an F1 car.
Honestly, I don't see how you could expect any F1 game to be realistic though.
See the top gear episode where Hampster drove the F1 car? He was really trying and could barely make a lap.
I know they joke about how bad of drivers each other are... But all of them have WAY more experience behind the wheel of a fast car then any of us, They take cars out and drive the piss out of them as a job... You know all of them are pretty good drivers because you simply could not be passionate about cars while getting that much seat time and not be. And he still could barely manage a lap. If you can hop in the virtual F1 car and take it racing you know it has to be no where near a simulation, end of story.