I like it well enough. The most egregious problems with 2010 seem fixed. The AI could still use improvement, but TBH I say that about EVERY racing sim I own and have ever played...they all seem half-blind, combination overly aggressive and too passive (exhibiting whichever trait is worse in the current situation), too robotic in precision...
There was a problem with the AI being able to use dry tires on a mostly-wet-but-drying track and getting dry-track lap times that the last patch seems to have rectified (it made wet races with AI unbearable unless you had either constant rain conditions or you made the race short enough that the weather couldn't change...like 10% length short).
My one remaining complaint is I guess best described as "blue flag phobia"...the AI seem deathly afraid when they get a blue flag as you come up behind them and slow down too much and/or keep trying to get off the racing line to let you pass which ironically makes passing MORE difficult as you can't predict if they'll stay on the line or which side they'll go to. I've rammed several AI in the rear as I was trying to pass JUST as they decided to let me pass by jinking right in front of me.

Other than AI improvement (which as stated I want for ALL racing titles past and present), I've not run into any other issues I felt were patch-worthy in 2011.
The Jedi Master