As the title says It seems their is a new F1 wheel coming out from thrustmaster. It looks fantastic. The wheel it seems is slightly bigger than the standard ferrari wheel but when it looks that good who cares. 
 
Will Buxton speed TV:
 "Yeah, they had a couple of simulators set up yesterday not with their official program on it (meaning not ferrari's programming) but with the new F1 2011 game that is coming out a little later on this month and they are launching a new kind of steering wheel which you can get for the game which does everything a proper F1 steering wheel should do so I got to drive around Monza with this simulator and I gotta tell you driving around monza anyway was just an absolute joy but then the guy said hey you are not hitting your DRS or KERS, and then it got difficult because you are hitting your DRS every time you are on the straights you are hitting your KERS and the boost you feel with the KERS is UNREAL but then your braking distance is shot to pieces and I suddenly got the most amazing sort of look into how tough it is to be a driver in F1".
I have searched around for some images and here they are: 

 A member of the CM forums found this : http://www.amazon.de/dp/B005L0Z2AW?m=A3JWKAKR8XB7XF&tag=idealocom 599 euros.
 
Amazon UK http://www.amazon.co.uk/Thrustmaster-Ferrari-F1-Add--Wheel/dp/B005L0Z2BG/ref=sr_1_1?ie=UTF8&qid=1315726799&sr=8-1 £129 for the Rim.

More news on what works on the wheel:
Kers
Pitlane
Dif in
CHRG
Neutral
Pit
Pump
DRS
+10
-10
BO
Start
WET
Works and are fully programmable
Also you can map the two analog ministick..

But the rotary swith with:
The Ferrari Logo in the center,
Rev
Boost
Mix
Tyre
and GRP 
are STICKERS

Also It seems like it will be coming out on the 23rd alongside F1 2011.
Update: http://www.amazon.co.uk/Thrustmaster-Ferrari-Wheel-Integral-Pedals/dp/B005L0Z2AW/ref=sr_1_3?ie=UTF8&qid=1316205066&sr=8-3 amozon £549 for this wheel.... however you are better off buying the standard t500 and buying the ferrari rim as an extra.