I'm relieved to see that I do not have to give up my
Logitech MOMO Racing Wheel.
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I was a bit disappointed when I looked for some sort of driver or controller software for the wheel and Mac OS X, but didn't find any at Logitech's site. However I did not give up, googled a bit on the subject and came up with the result that there's builtin wheel-support in Mac OS X and that my wheel in particular does work with the Mac.
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Joysticks in Mac OS X
There's also a small utility called Joystick And Gamepad Tester that you can use to test whether the OS can detect and handle your joystick or not.