When I played racing "games" it was bumper view. But when I started racing "sims" (Grand Prix, rF, rF2), its always been cockpit view for more realism. I will say that with a single monitor I sometimes questioned using most of the 1920x1080 display just to see a dashboard and rollcage with only about 800x600 actually showing what was outside the car. But thats what I stuck with.
Recently though I have switched to an Oculus Rift. So now its cockpit view all the way. The resolution is nowhere near what you triple screen fellas are used to. But for me, I can get by the "screendoor" effect and feel immersed. Coming from a single monitor placed at the back edge of the desk, it actually feels like a much wider field of view. I think it kind of imitates wearing a helmet which restricts your peripheral vision slightly. I dont use virtual mirrors. I use the real mirrors. And in VR, you really adjust the seat and mirrors just like a real car. I had to map all those buttons as I had never used them before!
Currently in rF2 VR, the info displays are pretty far outside your forward view. So you have to look down into the car or up into the roof to see some info. For me I find this even more realistic as I have to wait for a long straight to check on things. I dont have any addins yet but I want to add an audio one like Crewchief to complete my realistic setup.