I've been waiting to play Project Cars on the CV1 and I purchased it as soon as I had the Oculus Store installed. Unfortunately, Project Cars has been difficult to play because of poor controller support and problems with the controls in general, in addition to freezes and poor optimization in VR.
When I start Project Cars while wearing the Rift, the Xbox One controller doesn't work in game. To get it working properly I have to remove the headset and use the mouse to make selections on my monitor, once I use the mouse the Xbox controller starts working. However, if I have my Racing Wheel (Momo Racing) connected, I notice that once I start a race and use the wheel, the controller stops working. I've also experienced numerous freezes while attempting to exit a race while using the Racing Wheel, which forces me to close and restart the game (the controls setup for my racing wheel doesn't work well either). Because of the Racing Wheel issues I'm stuck only using the controller, and even then I can't start the game with the headset on.
In addition to these problems, I've also noticed that I loose tracking quite often when I move my head around. I don't seem to have as many tracking problems in other games. This is mostly just an annoyance though as I'm fairly stationary while driving.
It doesn't seem like Project Cars is ready for VR. Overall, my experience has been poor compared to the other games I've played in the Oculus Store. As a final note, the graphics are pretty poor in VR (low texture quality, lighting and color not optimized for Rift display) compared to the other experiences I've had so far. As someone who only wanted to play Project Cars in VR, I would say not to buy Project Cars for VR, it was made as a "flat" game and it only works well as such.