Hard to learn and master, but can't beat the track editor.
The main problem is the games physics aren't like that of other racers. You need to have real patience and accuracy with your ship. If you start trying to bank too tight a curve you're ship will lose grip and things seem to get messy. But once you start to learn to play things safe, you'll be blazing around tracks and lapping the AI. Just have patience at first before scrapping the game.
But on to the main allure. The game's track editor has a complete array of features that should allow you to create anything your mind can think of. While initially unlocked (somewhat of a pain), but playing the game gives you a good idea of what is possible. At first building a track is a little tedious, but laying down an idea eventually won't take too long with practice. They've even given you a model of the entire world to play on.
All in all, it's not the greatest racing game, but it's nice to finally see a racing game with an included track editor on a console. It's something I've been dying for in the F-Zero series ever since they released a track editor F-Zero X in Japan on the 64DD. Anyway, if you're browsing by your local bargain bin and like racing games, especially making tracks, it's definitely worth the 10$.