No force feedback wheel for the xbox is a killer though.
Nope
It would be great to have "real" force feedback that bases its forces off of specific game data like the PS2 and the Driving Force Pro, but the Fanatec Speedster 3 ForceShock wheel does a pretty amazing job at giving you "fake" force feedback.
If building a racing cab, I'd easily choose the better racers of the Xbox with the "fake" force feedback of the fanatec over the PS2's offerings. (Again, I yield to the subject of PC racers, because I haven't played any there in about 7-8 years.)
[EDIT]
Note:
I only say fake, because it is not giving you forces off of force specific game data. It is giving you actual motor driven feedback. It just bases it off of the same signal used for the standard rumble of the Xbox controllers.
This doesn't give you the precision in its effects that you get from the PS2/GT4/DFP combo, but it is still pretty good.