Playseats has nailed the details for this setup, putting the seat in the same location relative to the pedals and steering wheel as in a real Formula 1 car. The best news is that Playseats makes the set up for a variety of systems, meaning you can have one for Forza, Gran Turismo 5 and F1 2010, should you have the funds and the desire.
The funds are the big issue here. Playseats charges $1,300 for the system on sale. Regular price is $1,400, not to mention the cost of a TV to make this worth while. Looks like it's good, old-fashioned joysticks for us, then.