They are analogue levers that you pull towards you. I just prefer them since I can't get my pedals into a position that is comfortable with my computer desk layout (plus they kept sliding around). I've been driving 7 years and if I could have the same layout as my road car I'd be a very happy bunny.
Here is a crude photoshop to demonstrate:
It's a double-edged sword. It's nice to have everything in one place, but it can be a problem on hairpins where you have to be all crossed up. At Monaco I quite often have to drive a few of the corners one-handed.
I don't know how advantageous this set up would be in the real-world of racing though. For the brakes a least you would have to quite significant hydraulic assistance. Also all the jolts and jars you would get wouldn't be easy either! I guess a side-by-side test would be the only way to find out.
Besides, isn't having the word Ferrari on your wheel distracting/disadvantageous enough? I bought it for function, not form.