ya the rain and following a car can be so bad in real life there are times just like hamilton says where you HONESTLY cannot even see the car right in front of you or the next corner and might turn in too late, it really is that bad when following. Even without spray and just rain blasting on your visor its not great visibility. Another thing, it always looks like its raining much harder than it really is. When it is barley sprinkling it actually looks like normal rain and when its normal it looks alot harder, I guess because you are travelling so fast into all the rain drops.
I too hadn't noticed the plr settings so thanks for the heads up. Whilst it looks a bit basic it's certainly a start, I expect it'll be improved anyway. Reminds me if the first time rockets cut through smoke in first person shooters....awesome!
This setting is available in rF1 for years. check this video (for example 47 sec): http://vimeo.com/2509875