It could be much better.
Gameplay
There are many cars and many tracks to choose from, a good variety. There are two championships ; the one called 'Hot pursuit', that involves both racing and cops, and another one simply called 'Championship', that is only racing.
The big problem with this game is its physics. They try to be realistic, but they only are frustrating. For example, if the edge of your tyre touches a tree, the whole car spins around. You may be running a perfect race, but accidentally you touch the wall very very subtly and boom! you are last. It is only too frustrating, and that is the main reason I abandoned the game before finishing it.
What is even more frustrating is when the cops are after you. The police cars will do everything to stop you. Of course, the same bad physics apply to this case. A policecar may just touch the back of the car, and suddenly you've turned around. It is even more difficult to get back to the track on time, if there is a cop near you, because the reset button (otherwise helpful) does not work.
What is also annoying is the fact that while the cops do pursue the other cars, they will never behave them as aggresively as they behave the player. You will never observe a police car wrecking a rival's car. In fact, while the AI send helicopters, roadblocks, spikestrips and police cars after you, it will never send anything but a sucky police car to your opponents. Even if you force an opponent to run over a spikestrip that has been laid for you, no harm will come to him.
Graphics
The graphics are very good, though the textures could have been better.
Sound
The music is very good although somewhat repeating. The sounds are good.
Performance
The perfomance is very good, even on weak systems. There is a variety of graphics settings to choose from.
Lasting appeal
In total I don't think I've played the thing for more than 20 hours.