As of February 2003, Logitech's current wheel is the second-generation
Logitech MOMO Force Feedback wheel. There are two versions of
the MOMO. The earlier model (original price around $150-200; try
eBay) had leather
rim, ball bearings and only paddle shifters. The later model (about
$100) adds a stick shifter and has improved pedals, but lacks
ball bearings and the leather rim.
Unfortunately the MOMO wheels suffer from all the gear-driven
ills that I didn't like in the Microsoft
and Logitech Formula Force GP wheels.
My favorite wheel is still the Logitech Wingman Formula Force - now known as the "Old Red", discsussed in detail on the Logitech Wingman Formula Force page and here.