Not bad at all, good! SCHUMACHER, SCHUMACHER!!!!
You take you're chances as a race driver, starting in lower teams as a test driver such as driving for a Minardi before moving up the ranks to a Jordan or Sauber before you begin getting offers for a position as a driver! Thats when the fund begins.
The racing is good, quite realistic, the graphics are good, great for PS2 and you have all the official teams and drivers (including most test drivers as well but you don't get to use them)
There are some problems though - there is no commentry in career mode which is dissapointing although SCEE/Studio Liverpool (the developers) say that its a bug, but I don't believe them - there is still commentry in 1 player regular mode but not career. Also the game is much too easy, you'll find yourself doing really well from the start if you're used to driving / f1 games and there is no difficulty setting (I don't think).
Overall I think its a great game - graphics good, gameplay good, sounds good - worth a try or a rent but F1 '06 is releasing in July. i'd hold out for that