I've seen a presentation of the 2006 F1 game at the E3, it will be launched in november on the PS3, and it supports an interesting feature:
The PSP, linked to the PS3, will act as a real time rear view mirror! You just put it on the side of the TV (If I have the budget and the patience, I'll even try to built an arcade type cockpit with the seat, steering wheel, etc, and stick the PSP at the realistic distance) If the game is good (and with the power of the PS3 it should be) it will be very fun .
The only sad thing is that there is only one mirror to be emulated, even if you have two PSPs, and it will display a central view, wich is not very realist for a F1 game, but with the developpement time remaining, maybe they'll add an option to configure wich side mirror it is, and display the correct view.
Let's just prey that the game will be better than the precedent ones...