are R888s really practical for road use?
In all honesty, not unless you are only running the car on dry days.
888s offer insane grip on dry surface but can be a little skittish on damp, wet or cold roads. In these conditions, you can keep the car on the road; however, you would need to be completely focused on the task and not take any liberties with the car. They are designed for track use and therefore maximum contact patch - the design has limited option for dissipation of surface water. They are also very soft, so as Alistair mentioned, lifespan is radically reduced. I have heard of people eating through a set in 200-miles on track.

(basically 2 days of 12-sessions (5 laps per session on 2.5 mile track)
T1Rs are excellent as are Michelin Pilot Sports (MPS) - Michelins always cost more but people in the trade also feel that the cost equates to a longer lifespan; therefore, it equals out.
I rant the MPS on a track car and found them excellent both on road and track (and in all weathers); however, the downside was that there were quite sensitive to heat on track and when the pressure increased, they could feel skittish.
The thread Speedmog pointed you to is an excellent one - any other questions, just ask.