here is the trailer, youtube, machinima - no ads, HD: http://www.youtube.com/watch?v=GYNKzGKsfm0&hd=1
here is their official website - http://www.worldofspeed.com/
it seems to be an mmo f2p game, i'm not exactly sure how they will implement microtransactions, or a subscription or whatever.
they describe it as 'action racing', so iracing will probably remain superior for sim multiplayer racing. i'm guessing they'll go with a forgiving physics model, like forza / gt.
i think this could be a great game. i'm a bit confused as to why they are announcing this before project cars is out the door. also, i think f2p will only decrease the seriousness of opponents. if we're racing we're racing, not playing bumper cars. it will need a fair but strict ruleset.