We bought this about three weeks ago and have been playing it almost every night and through most of our weekends.
The graphics, controls and gameplay are excellent, although the soundtrack is OK rather than blow-you-away; there is a lot of bias to the rather samey skate-punk tunes, but there are a few stand-out tracks from the likes of the Ramones & Franz Ferdinand buried in there as well. The soundtrack can be customised to play selected songs from the full list. There is also the option to turn off the annoying DJ, which is nice.
Another use made a comment about the scenarios becoming repetitive. Personally, I've found it to be far from repetitive; the number of different scenarios is huge, and there are a number of variations in the race and crash types, and even rival driver AI varies to avoid it becoming boring. The depth of the game really stands out, not only is there probably at least 50-60 hours of the main World Tour game to complete, but all the single race and crash options, all of which can be played using cars unlocked from the game (try crashing buses and A-team vans!)
It's *very* addictive - "just one more go" to complete each crash scenario, and then "just one more go" to attempt another one...and another - suddenly the time has gone from 8pm to 11.30pm!
Buy it, enjoy it, but remember that you'll probably be giving up the next 6 weeks of your life to have "just one more go!"