Absolutely horrible, truly awful. Any second spent on it is a waste of your time so be warned :)
Gameplay: the cars would have looked decent if this was released 7 years earlier, now it's worse than anything else in the market. In addition, all cars look like squashed versions of existing brands and models - only the developers were too cheap to pay any licensing fees so they gave the cars a different name. Quite cheap...
Then over to the actual gameplay: racing games from the late eighties have better handling, response and more realistic physics than this piece of junk. The game makes you feel as if you're driving a 40 ton truck.
There is no sense at all of actual racing; you see the AI pull ahead (and to be honest those things look very much like cartoon cars) and until the end of the lap you'll have to try very hard to catch up with them; keeping your car floored at all times is usually not enough to keep up. There simply doesn't seem to be any AI at work, it remembers me of the (again) eighties racing games where opponents would follow a predefined track like trains on rails, no interaction, no deviation from a very rigid standard formula.
Sounds: again really, really horrible. That alone should give away what a fluke this whole thing is. I would rate the sounds and "music" to be on par with games that were released in the early eighties.
Note that you'll very often see this game's predecessor being sold second-hand, under the name of "Illegal street racing - too fast, too furious". This one shouldn't be touched with a stick either, just like "Shanghai street racer", unless you intend to physically destroy this waste of cd's :)