Codemasters' racing games are often acclaimed for looking and sounding as great as they actually play. F1 2012 may not be as stunning as any of the DiRT games, but that's just the nature of the beast. I may not know much about Formula 1, but I know that they generally don't make a habit of racing off road through snow and mud. F1 2012 is all about clean stretches of pavement flanked by grassy areas and the occasional set of bleachers. And to that effect, F1 2012 is a good representation of the sport. Cars look sleek and badass, and the game offers a multitude of interesting viewpoints through which to see the action. If you go off the road, your tyres will become caked with debris. I get the sense that the developers have a good grasp on how real world physics affect these machines.
The soundtrack is heavy on symphonic and synth without crossing the line into party rock and dubstep (like in DiRT). The main menu screens play host to a bit of music that sounds very similar to a major motif in the official soundtrack of X-Men: First Class, and it actually works pretty well. Cars emit a number of intimidating high-pitched whines, and the clicks of shifting gears sounds wonderfully authentic. Your spotter gives you great information: he praises you the instant you do something awesome, and he wryly observes the many mistakes you'll no doubt make over the course of your racing career.