It is tricky at first. The two key influences are 1) Gotta be "perfectly" level to drive straight, anything not level is a turn (kinda weird when there's no resistance, so it's up you to develop a home/anchor position for reference) and 2) To pull off those hard lefts/rights that you use a lot for power sliding, you have to turn the wheel more than 90 degrees, requiring some awesome funky technique.
It's real fun, and the Wheel becomes an object to direct your anger/energy at, screwing with your driving for lulz.
Once the wheel is understood, there's no need for analog sticks for any performance reasons.