I've not actually tried iRacing yet, but I have thought a lot about racing simulators and played a lot of different arcade style ones, including those with moving cabinets.
While you can't truly simulate constant side G's, moving seat simulators are much better than nothing. And while I like those that move the seat somewhat fully in 2D, there's a third dimension that's pretty much been untapped that I've seen, and that's yaw. In fact, I'd opine that yaw would be more important than either of the other two dimensions for a racing simulator to be accurate.
What do I mean? Well, with side to side motion of your seat, all you're doing is simulating lateral Gs with sideways motion. While the seat is traveling to it's somewhat limited end of motion, it's simulating the G's, but in a long corner the fact that you're leaned over sideways is what's telling you you're pulling Gs, which isn't the same thing. Better than nothing, though. Same thing with longitudinal Gs. Being leaned back means you're accelerating, forward and you're decelerating. Again, better than nothing.
Yaw is much easier to simulate correctly, though. If your seat were mounted on a long bar longitudinally where it could pivot underneath you and an actuator could swing it side to side somewhere a few feet behind you, you'd have your butt sensation of a loose rear end.

Yeah, I did have to put it that way.
I really think just yaw combined with force feedback steering would make racing simulators much more like real life. In fact, if you really want side G simulation I think instead of moving the seat you could just inflate airbags in the side bolsters of a race-like seat. Oh, and for yaw to be really good you'd need your pedals and screen mounted to the assembly, and you'd want the software to change your viewing angle properly with the yaw (which they probably already do to try to simulate the yaw for you now, but as Chuck points out, the subtle visual cue just isn't enough).
There was a rare cockpit cabinet version of
Super Monaco GP way back around 1989 that had a moving seat. Unlike most video games, this one used three linear air actuators to move the seat, which means it had a built in air compressor. What I really liked about that was the air compressor ran during the duration of your game and simply used a small blow off valve to make sure it didn't over inflate the built in tank (which wasn't a tank at all, it was actually a donut spare tire mounted inside the cabinet of the game). Why does that matter? Vibration, baby. That subtle vibration made it "feel" more realistic to me, and I think was intended (otherwise they would have let the air compressor cycle, I think).
But take air actuators like that to control yaw and use airbags in the seat for lateral Gs and just forget longitudinal Gs and I think you'd have a killer sit down setup. Oh, and combine them properly with iRacing, obviously. And it would be interesting to see if any of those home-theater "seat shakers" that you hook up to your sound system would do much if you could get the sim company to give you a separate sound output channel that was just engine noise.
--Donnie, who has apparently spent way TOO much time thinking about racing simulators