According to Thrustmaster, this is the first ever racing wheel officially licensed by Ferrari for the Xbox 360. Who cares. You aren't going drive any faster because of the Cavallino Rampante on a glorified joystick. Unless you paint flames on it.
The Ferrari 458 Italia Racing Wheel is pretty neat, though. You see, it has buttons and a rubber-textured grip. It will be available in October for $90. [Jean Marie Gall and Press Release]