The only downside for me is no interchangeable wheels. That would make it worth $500 - even if I had to pay for the different wheels in addition to the base price. The wheel pictured is only good for a few games and in many cars would "feel" awkward to me.
It seems we can change the rim, will cost more, but there's the option at least:
"To allow all users to fully customize their TS-PC Racer according to their own personal preferences in terms of the type of game, driving style or vehicle used, the TS-PC Racer is fully compatible with the entire Thrustmaster racing ecosystem, including: the Ferrari F1 Wheel Add-On, Ferrari Alcantara Wheel Add-On, T500 RS GT Wheel, TM Leather 28 GT Wheel Add-On…, the TH8RS and TH8A shifters, and the T3PA and T3PA-Pro pedal sets – as well as with other USB pedal sets on the market, or pedal sets equipped with a DB9 connector (via the Thrustmaster DB9 PEDALS T.RJ12 ADAPTER)."