Best free game ever, and a superb sequel!
As for the features, well, I told it already. Only racing, editors and multiplay: I say "only" because other TMs had more - but most racing games have less, so it's already much.
The gameplay is the good old TM-style, even if now you use Formula 1 style cars, that makes their control more simulative. Sure, it's still really arcade, but hey, it's made for a world cup, it must be somewhat technical! The editors aren't always the best (replay editor and media tracker are not quite comfortable), but overall they work.
The graphics are an improved version of the already super Sunrise engine, so that works very well, even if now you won't be having water or particular lights. The graphics though, look damn good on maximum, and still playable on low-end PCs, if lowed down (a Pentium 2 with 400 MHz makes it work at 20-30 FPS already!).
The sound is just like in Sunrise: quite serious musics, but still fine for the game. The car sounds are the usual.
As for value - well, the game is highly addictive, and it's free: that already explains my 10 on Value. No matter what kind of games you like: Nations is a game to try at least once in the life, because it's strangely addictive with its powerful track editor. And as I said, game is free: so why wouldn't you try this masterpiece out??