I've got the official Microsoft one, and it really is a superb bit of kit. Never been a fan of wheels in the past, but the force feedback wheel is just awsome. Its as close to the real thing you are ever going to get... Transforms any car racing game and forza 3 is a hoot.
Just don't make the mistake I did. I Originally had it set up without using the power transformer which works and I thought was good, but then plugged in the power pack to the mains and the it comes to life.! The steering is really well weighted depending on what speed you go, feedback on rumble strips and crashes etc.
I have a coffee table which I take the draw out of too bolt it on and although it sits a little low, it works very well sitting on the sofa with peddles under the coffee table.
Sadly no velco straps though
but not sure it would work if you did, as you really have to tussle with the wheel.
Which reminds me I must get it out again and get myself on Forza 3 again