Some city levels look much much better than others. The graphics in "Chicago" look especially poor while the Japanese cities are some of the best looking levels.
The car handling is especially great, with every car handling differently around corners, etc. You will have favorite cars in this game.
Faults? It has only one that I can see. The car AI is better than most, but it will try to bump you from behind and that has a high chance of making you swerve out of control and do a 180. This is very annoying when it is the last lap of the race. Not fun, just annoying. In a game like Burnout2, this would be fine, but Project Gotham is all about precision racing not bumping you out of the race.
I'm really picky about racing games and this one gets a high score.