Excellent video Smallfryz. This is exactly what is needed. The lap viewed from both inside and outside the car is a real help, and you explained everything very clearly too. Top job and great lap time. Well done.

I've come to the conclusion that where I am a little lacking is not with the car setup, although there's always room for improvement, but my driving style. My racing line is generally ok, i.e. I know where I want the car to be but I'm always a little too heavy on the brakes and sometimes too eager to get on the power again. That leads to locking wheels, uncontrolled slides etc, and ultimately slower lap times. Knowing where my faults lie is one thing - correcting them is quite another :-\.
In a real car you have much more "feel" of what the car is doing under braking, cornering and acceleration etc than you do in the simulation environment. It also doesn't help that the pedals on our controllers tend to be very much lighter than the real thing and I am generally quite heavy handed and heavy footed when it comes to simulations.
My best lap time so far is 1:22.256 but I'm working on it. My setup is very similar to yours except I don't have as much steering lock and my brake bias is different to try to compensate for my heavy footedness.
Very well done again.
