To start off with I feel I should say I didnt go out and specifically buy this game, I purchased my Xbox360 the other day and this came as part of a package deal (along with Halo 3 which is awesome, but thats another story).
I'm not really a fan of driving games (I played a few months worth of Gran Turismo 3 when it first came out on the PS2, but got bored quickly) and havent played any of the Need for Speed series since NFS2 on the PC about a decade ago, so my review includes no comparison to the more recent titles in the series, only a review of this game independently.
To start with the Graphics are excellent as you would expect, the colours, lighting and general effects are superbly done and make a very presentable and realistic picture, no issues here whatsoever.
The gameplay is good, the handling on all the vehicles is realistic, and various modes such as drag races, drift racing and grip races keep the interest up. The career mode works much like it does in the Gran Turismo series, but it is much easier to understand, nice clear menus offer as much or as little as you like in terms of tuning your vehicle(s), for instance if you are so inclined you can tweak the suspension, breaks, gear box settings, spoiler and foil heights for optimum speed and G force, or leave it on the default setting and let the CPU decide whats best.
Unlike a lot of driving games you wont find yourself spinning out at every sharp turn, there is a breaking assistance setting offered to you (I didnt bother with this) to aid getting round the track in one piece, but more handy is a holographic marker set around each track that shows you the best course to follow and when you should be going flat out, or slamming the breaks on to maximise the amount of grip/heat in the tyres, this of course can be switched on or off depending on your skill level or whatever...
I bought my 360 primarily for Halo and the upcoming GTA IV, but I've been addicted to playing this, the Career Mode always drags me back, theres always some extra upgrade to be installed, car to be bought, race to be wonm, test to be performed that keeps me interested, and I'm not normally a fan of driving games. Whether its like the previous episodes in the series I dont know and neither am I interested, what this is, is a highly enjoyable driving game which offers a nice blend of fun, realism and longevity, highly recommended to anyone who has an interest in cars/racing games, and recommended to anyone else who likes games and willing to try something new.