Okay, I ended up getting it. $34 at Gamestop. I am pleasantly surprised at how well it works. I was expecting it to feel cheap. It's doesn't. It's a solid piece. I'm much more precise with it than the standard controller. At first, it was very strange as I was use to using L2 and R2 as brake and accelerator. But I quickly got over it. The part that is really great the the amount of throttle control you have. I can really hit the corners well now and saw a lowing of my times across the board. Anywhere from 3-5 seconds per lap. the part that does take some getting use to is the steering. Especially right turns. I tended to not use as much input as I should have been. Once I got use to it, I was doing well.
If you can't afford a wheel, but want something better than the standard controller, I highly recommend it.