I think they could have made more out of this; for better or for worse, it is an interesting concept incorporating cars from the 1960's in a game and that combined with the reasonable price renders it acceptable.
In short, the game would have been better with relatively simple measures: the possibility to choose a manual or automatic transmission, to modify the car's set-up, to opt for a longer or shorter race (instead of just 5 laps uniformally, only exception seems to be the endurance race), a more dynamic AI instead of opponents crashing into you using your car as a braking-wall, a more dynamic model of damage (which one should be able to select, e.g. no damage, little damage, full damage) and to challenge wet, intermediate or dry conditions.
It matters not that much having to go without an official licence, since all the tracks and cars didn't/don't exist in real life, at least not to my knowledge! For instance, the Gran Turismo series use plenty non-existing tracks, but it works out - and although this game doesn't approach the famous Gran Turismo on a graphical scale either, the driving physics are real in the context that it's impossible to just smash an older car around the corner, which is common now in the Alonso-era - but it is not very helpful not having the choice to shift gears yourself or to set the car up (such has been mentioned before).
Since this game is rather affordable and the concept unique for PS2, I've decided to give it the benefit of the doubt.