Yeah I'm on the cheapo side of things. I have been iracing on and off for about 6 years I think. I started off with a non-FFB wheel. I think it was a thrustmaster of somekind. I moved up to a Driving Force GT by Logitech about 4 years ago. I added a bodnar cable to get 1024 resolution on the pedals and have been using that ever since. I build my own computers and the last time I built was 2011. At that time I went with an i5-2500K and 8GB RAM. I also went with a 23" single monitor and a GTX 560TI. All of this is sitting on top of one of those folding plastic tables, 4'x6' i think. And I just use a rolling office chair.
I have been looking into upgrading my rig but funds are kind of low right now. When I eventually upgrade, I think I am moving to one 40" or 50" screen and maybe get a real rig type setup instead of a rolling chair and table. I have read up on the difference between 1 screen and 3 screens and a lot of people say 1 screen is nicer and a little more immersive for them. I like the idea of just 1 large screen because it is easier to run on a lower level GPU. You don't need a 1080 $500 video card to run 1 screen on full graphics. Plus tvs are really cheap so you can get a nice 50" 120hz HD tv for like $400 opposed to 3 23" monitors for like $500 plus the expensive graphics card to run all 3 monitors. Also you can use the tv to watch tv if I ever get tired of iracing.
I will eventually need to upgrade my cpu but I'm not convinced that any of the intel products are that much of an upgrade from my i5-2500K right now. Iracing seems to run on only 1 core so the higher your cpu speed the better and right now my i5 is at 4.2GHz. I could probably go to 4.5 but I don't think it would get me much more performance in iracing.
I probably need to upgrade my wheel and pedal combo too eventually. I hear good things about the thrustmaster 300 or 500 lately. Again, I don't have the funds to upgrade anything right now so this is all just a dream for me.
I'm a fan of building computers so if you have any questions I can help walk you through it. It is really easy to do.