Good, but not great.
The gameplay is decent, and you do get and excellent sense of speed once you get going. I did, however, find the drifting segments to be not a whole lot of fun and sometimes pretty frustrating and annoying. I'm not sure if they wanted arcade physics or realistic ones, but what you get is neither one nor the other. For realistic, go with Forza Motorsport or Tokyo Xtreme Racer Drift. For arcade, try Need for Speed Underground, Most Wanted, or Carbon. This is not a great drifting game. It does have a good tuning and customization system, with all rel world parts, which is, I think, a first, and a good idea. Another thing that I did like was Daijiro Yoshihara's drifting tutorials. Though they didn't help all that much, it was a great idea that I liked a lot.
The graphics look okay, but are definately not up to par with other PS2 titles. The car models look fairly good, except the Sprinter Trueno's headlights, which for some reason are tilted a bit too far back. The tracks and background have a decent level of detail, but again, nothing spectacular. The sound is also pretty good. The engines all sound appropriately powerful, but the tires' sounds for drifting seem to be the same thing looped again and again and again. It gets a bit annoying, but you're usually so busy trying to figure out how in the world to keep a drift going that you don't notice.
The game doesn't take too long. There are a good number of opponents, but the races all end very quickly and there's little incentive to replay anything, mostly because of the occasional frustration.
To sum up, Fast and the Furious is and okay, but largely mediocre racing game that has its good points, but they are often hidden under the annoying bits. However, racing game fans, F&F movie addicts, or anyone who like Dai Yoshihara, should give it a rent.