Most of the reviews I have seen for this game are fairly poor (as in, they rate the game quite badly), but I find the game to be quite fun. This may be because I have played the previous one on the PS2 (sadly not the dreamcast ones), but this definitely lives up to its PS2 counterpart. However, I am in agreement with the reviews on the physics, as they are rather delayed. However, I found it easy to get used to, and compared to the PS2 version, they're actually much better. The graphics of the game is quite amazing, looking better than my other PSP racing games. In addition, the car selection and upgrade system is in-depth and I really like it, but that might be because I'm a Japanese car fan.
Overall, I think this game is underrated. The graphics are good, there's a decent selection of cars, the Career mode is unique, and If you can get past the physics, it's quite an entertaining play.