A steering-wheel-and-pedal setup for your PS3 starts at around $50, but you'll spend at least double that to get into the good stuff. HKS has teamed with InterWorks on a game controller solution that stays at the $50 mark but could work just as well as a wheel while being a little less intrusive.
The hot-coal red Hipermax III replaces the analog joysticks with a thumb wheel on the left side and throttle and brake buttons on the right side. The wheel has center stripe to aid steering, and the precise inputs of the throttle and brake controls are registered in the digital readout in the center of the controller. For the moment this is PS3-only, and while HKS hasn't released a price, it's pegged to come under $55.
[Source: Motor World Hype]