Boring as hell.
The story is terrible but it's a racing game so it gets let off on that one. There is a minuscule amount of cars to choose from compared to GOOD racing games (Forza Motorsport 2) and the amount of modifications you can use on cars has been lowered. No neon lights? No hydrolics? Sad face.
The game play itself is repetitive, boring, slow and extremely easy. That is all I can say about it. No matter how many new cars I get, or how much I modify a car, or how many races I win (All of them looking at how easy it is) it remains boring.
The graphics are ok I guess. Nothing new or revolutionary, not that having great graphics would save this games terribleness.
It has online, your average online for a racing game at that. You've got your normal racing game modes and an option to choose between your own cars or un-modified stock cars.
In short, don't buy this game, it's abysmal. If you are looking for a good racing game get Forza 2 or any other racing game for that matter (GRID, PGR, Test Drive Unlimited, etc.).