Playstation 4 abd Xbox One has been around now for awhile, but not a lot racing games (out of Forza 5 for Xbox One, Need For Speeds are not counted...)
incoming F1 2014, Project Cars, Drive Club and you name it would need to put steering wheels on good use, but there's some dark clouds gathering around:
At first, proper wheelsets with pedals and shifters cost quite a fortune. If you bought them for previous generation (PS3, Xbox360), nothing will guarantee they will work on new consoles (PS4, Xbox One). Microsoft already chose path their device will not support Xbox360 accessories nor it's affiliate 3rd party controllers - Even their own controller will not work with Xbox One. On Playstation's side it's been said wheels which work on PS3 will work on PS4 too but it's not yet proven 100%. Sony has made affiliate deal with Thrustmaster and at least their latest products will work on PS4...but...does it prevent good old Logitech and Fanatec to not work? Time will tell. I bet none want to buy 400-500£/$/€ new game controller for new generation...
Secondly, Logitech with awesome wheels in past like Driving Force Pro, G25 and G27 - has given up making new game controllers. So there might not be official support on new generations at all, but it doesn't mean those controllers would not work with new generation consoles. For example, little rival of Fanatec has very good wheels and they are not officially supported by PS3's Gran Turismo 5 nor Gran Turismo 6, but wheel is like fish in ocean with them.
Project Cars posted recently their list of supported controller.
You can find it from here.
Personal Computer players seem to avoid this all "driver licensing" issues, so you fellows can get popcorn and laugh on PS4 and Xbox One players crocodile tears.
However, point of this thread is to list here own experiences which does work and which doesn't. I try to update list if I remember.