I normally play racing "sims" on a PC, being I only have steering wheels for that, and not the consoles. RFactor has had to do for now; it's not bad - far from it. It's just not a dedicated F1 sim.
Being an F1 nut I am very interested in this game.
If this game is arcadey enough I might pick it up for the console just for some quick disposable fun. If it's more simmy I'd get this for the PC.
Wii? Probably a pass, since the graphics will look better on an HD console, and I doubt F1 translates well to waggle.