The Formula One games have a variety of 'driving aid' options that can be tailored to the users' own tastes. Thus, in terms of car handling, the game can play either as an arcade racer or a driving
simulation.
After losing the official F1 licence from Formula One Administration Ltd. to a multi-year exclusive licencing contract between FOA and Sony Computer Entertainment Europe (publishers of the competing Formula One series on PlayStation/PlayStation 2), ISI developed their final release hitting stores in 2003.
Showcasing four full seasons of Formula 1 from 1999 to 2002, many people thought it would be a type of compilation of all the games previously made by ISI but in fact the title turned into a cult following platform for both modders and Sim racers. (Wikipedia)
CHEATS
Please note: This procedure involves editing a game file; create a backup copy of the file before proceeding. Use a text editor to edit the "*.plr" file corresponding to your player in the game folder. Add the following lines under the "[GAMEOPTIONS]" header.
Doing this will unlock the Medical and Safety cars, the 2-seater training car from the school mode, alternate backgrounds in menus, and marks the 3 training school phases (Indy, Monza, Suzuka) as passed.
HINT
More qualifying runs During qualifying, you will normally have to do a minimum of three laps to achieve a qualifying time (first lap out of pits, timed lap then slow down lap). Because you only have twelve laps maximum to use, you can in effect create more qualifying runs by simply pressing Esc the moment that you cross the start/finish line after your timed lap. This will in effect allow a maximum of six qualifying runs instead of the normal four. This also has the benefit of allowing you to only put in two laps worth of fuel, making your car lighter and quicker. By using this method you should be able to even get a Minardi on pole position.
Here's a short intro video from the PSX version of the game:
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