RACE 07 is simulation racing game. There's a decent range of cars, but it isn't as comprehensive as modern racing games. There's a range of Touring cars, in addition to Formula 1 and Mini Coopers.
There's enough difficulty customisation options so you can create the racing experience you want. ABS, Traction and Stability can be tweaked to change the way your car handles, damage effects can be changed to limit/enhance punishment from mistakes, and opposition's driving ability can be changed to give you harder competition.
There's a great selection of cameras. I was particularly impressed by the behind wheel view, which can also include restricted view from your driver's helmet. The mirrors on your car actually work, and you can pan the camera around the inside of your car.
Despite the age of the game, it holds up well. The bad side is the loading times are very long.
The events are played out over two races. The first race you have a rolling start, whereas the second has a standing start. Finishing in the top 8 out of 24 scores you points, and there's enough variance in the driver's finishing times to mean you can often win the event by winning one race and achieving a respectable finish on the second.
The main tournament has an interesting mechanic where the better drivers incur a weight penalty which should theoretically slow them down and keep things competitive. It's nice to see a racing game take into account human error (not demand you finish in the top 2 all the time to win), and also desire to keep things competitive if there is a runaway leader.
If you break the rules, you can be punished. You are warned for cutting the corners, dangerously driving, or making a false start. One of the penalties is a StopNGo penalty, where you need stop in the pit, then instantly leave. Fail to adhere to this, and you are disqualified. If you are performing poorly, and drivers are coming up behind you to lap you, you are instructed to yield to them and let them overtake.
If you are a fan of racing games, or want to pick up a bargain game, then I'd definitely recommend Race 07.