I played a beta of it last night.
Played it on ps2 and 360.
So far it is pretty damn good. Graphics on 360 are just incredible.
Handling is pretty much like NFS Underground and all that.
The best thing we saw though was the ammount of customization of the cars.
You can literally make your own wheels, wings, lips, bonnet scoops, change size and move graphics on your car.
Set the amount of dish on rims and even spoke width etc, etc, etc.
Looks good.