Strangely I don't ever remember playing this on the home computers, or even seeing it for that matter, the first time I came across it was on either the Mega Drive or Game Gear, can't remember which version I played first.
From watching this video I am actually very impressed with the Amstrad port and the Speccy one looks very good too. The Commodore 64 one though is really ugly and it looks more like you are driving a bike than a F1 car!
All the 16-bit versions are excellent and I do actually own the Mega Drive version.
The SMS/GG version is very different to the arcade game but still a pretty good game, I also have this in my collection.