Shane Kinloch, who is also a member at our forums, has written a very good and thorough review of Fanatec Porsche 911 GT2 wheel, Fanatec Clubsport pedals and Wheelstand Pro. He very precisely described all the features and explained how the wheel behaves in three important racing games for consoles (Forza Motorsport 3, Gran Turismo 5 and Dirt 3). He had some bad luck when he first received his wheel, because he experienced the notorious "888" error. He contacted Australian distributor Pagnian Imports and they offered to repair the wheel for him or to send him a new sensor to replace by himself. He chose the latter, replacement procedure went well and he was kind enough to write a step by step guide to replacing a faulty sensor, which you can read here. Very useful!
If you check out the review, you will find out he also posted his settings for the three games the tested in the "Settings" section here on Fanatec wheel fansite under user name "original skin". In his settings he goes into great detail, explaining exactly what each parameter will do, so I recommend you check them out.