I rather like it. It could use some optomization or at least the option to disable tire smoke(a real framerate killer), but overall it's a great game. Multiplayer LAN is a blast, but Internet Multiplayer is a lagfest. Like most Racing games, it's best to use the bumper cam, but the game doesn't let you choose the default camera so you have to choose the bumpercam on your first race each time you play the game. NOS, Slipsteam Turbo, 2 wheel steering(I don't use this), and weight transfer all add to the game IMO.
It has a lot of sound options such as D3D, all variations of EAX, and Dolby Surround(my preference), but as I mentioned earlier the video options could use more effects to enable/disable. Wheel FF has some weirdness though, FF seems to come from other cars crashing rather than your own, but the FF is rather weak so it doesn't really affect your driving.
The Tracks are vey nice, giving you lots of options, though often too many options, in which to choose to run the race with. A good tip with many of the races is to follow another racer to get the best route.
In my house we have 3 systems running it often playing on LAN. The 3 systems: Athlon XP 1700+ using NForce(original) onboard GeForce graphics; Athlon XP 2200+ Radeon 8500LE; Athlon XP 2800+ Radeon 9600 Pro. All the systems run the game "wellish". The first system is rather crappy IMO, both for performance and graphics quality, but my 15 year old Nephew manages quite well using a keyboard for controller and all the fancy moves like 2 wheel steering, he manages the occassional win. The second system is my bros and it is noticeably better both in performance and graphics quality, he uses a Logitech Wingman Formula Force Wheel, but rarely wins(cause he sucks 😀 ). The last system is mine and it clearly performs and looks a lot better than the other 2 systems, I use a Logitech Wingman Formula Force Wheel and win most of the races, not that I'm bragging ( 😀 ) I attribute a lot of it to better hardware and a lot more racing game experience. Even on my system though, when there is lots of tire smoke, especially when going in reverse and the smoke becomes visible, my system starts chugging. That really is my biggest beef with the game.