I have both DriveFX and MS Wheel and they are both good, but MS wheel have a much better FFB strength. MS wheel also work great with arcade racer, I usually don't used wheel for arcade racer but for Midnight Club it work excellent.
MS Wheel also great with Race Pro (my favorite racing sim, it got some of the best physics, too bad the frame rate is poor and the game is a bit buggy) You have to used the wheel in 2nd port for the FFB to work properly on some of the wheels. I was hoping they would patch it but with Atari being publisher and SimBin a small dev. I doubt that will happen.
I would recommend MS wheel. The current model are better and not crappy like the early one. I don't know where you are, but I see MS wheel for around $80 at my local Wal-Mart.
