Is Assetto Corsa a Good Racing Game?

With the current conversation around Assetto Corsa, as well as the recent announcement of Assetto Corsa Evo, I thought it would be good to look at the game and see what it's merits are as a Racing Simulator, a Racing game, and a comprehensive Car Sandbox.

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Contents:
0:00 Intro
2:03 Before Assetto Corsa
7:31 Early Assetto Corsa
11:49 What was AC?
14:56 Modern AC
17:22 What isn't AC?
23:16 Conclusion