Graphics: Pretty good. not the best i've seen (then again i can't play many games on everything full), but they do the job.
Gameplay: Goddamit you need a steering wheel for this game if you play on anything but novice. It seems as if every single bump in the road surface is modeled and as such can play havok with your car if you dont know what to do. Damage is pretty good (i saw lots of that :D). I haven't tried it against the AI yet as i was merely practising my skillz.
Sound: Well there's no music, just the roar of an engine.
All in all it's a sim-player's game. If you're expecting to do handbrake turns and all that, dont play this game, but if you enjoy racing sims, you should enjoy this.