SteelSeries have today announced the Simraceway SRW-S1 Steering Wheel. The SRW-S1 is SteelSeries first peripheral in this particular category and comes from their partnership with the creators of Simraceway, Ignite Technologies, who also co-designed the wheel.

The SRW-S1 is a handheld, hybrid racing controller that combines the features and functions of the usual high-end wheels, but with the portability and convenience of a joypad. The SRW-S1 sports a motion-sensor for steering and a patent-pending throttle and brake paddle system for a fully simulated driving experience without the need for floor pedals.

Because its a handheld device, theres no set-up, pack-up, transportation hassles or time consumption compared to a wheel-and-pedal set. Over 20 on-wheel buttons and dials are included with each one optimized for easy access, and two ergonomically-designed rubberized grips ensure drivers stay in complete control. Price-wise, it's actually not too bad at all, with an MSRP of $119.99 and was designed specifically for Simraceway The Game, but is also compatible with all major PC racing titles such as F1 2011 and Need for Speed.