I prefer playing racing games with a keyboard than with a steering wheel or gamepad. No amount of driver aids seems to make up for the lost precision from using other devices for the job – though being a rapid typist and only occaisonally using (basic) gaming peripherals may have something to do with that.
As for driving without TCS and ABS, the keys are precision and remembering the correct technique. If the keyboard has a slower response time than the wheel or gamepad, you have to stop pressing each key a little earlier. Keyboards don’t have subtlety, so you have to “warn” the car before doing anything really complicated by briefly blipping in the direction you’re about to introduce.
(I don’t have F1 2010 or 2011, but in GP3 I use the steering assist only, which the game forces on anyone using a keyboard).