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F1 2012 probably has the best handling & graphics, has the newer tracks (Austin, India, Korea, etc), but a lot of stuff got removed (custom championships, short qualifying & short race distances in career, scaled tyre wear, fp1 & fp2, collisions off in custom online lobbies), some bugs from previous games didn't get fixed, and there are some issues which affect mainly career.
F1CE has some tracks that aren't in any of Codemasters' games (Indianapolis, Imola, Magny-Cours), as well as tracks that aren't in F1 2012 but are in either 2010 or 2011 (Nurburgring, Istanbul).
FSgamer aka FS7 - www.youtube.com/user/FS7kills Cheap Tactics for the Win