I bought my psp and formula 1 06 at the same time and like most people, think that formula 1 97 on the good old ps1 was the best game of this genre by far, especially for pure speed and realism.
I cant really understand why people compare ps2 versions to psp version as its obvious of the limits of the psp compared to a major console so you have to go with the hardware you have and the game formats for it. (it cant be too long before sony release a psp2 as the psp/ps2 same game comparisons can sometimes be very dire indeed!)
However, formula 1 06 is a great game with great speed and graphics, superb sound and totally addictive, and like all f1 games, sometimes very frustrating. The circuit backgrounds are outstanding, of course at monaco, but also at cucuits like china where the main stands have all the detailed space age grandstands visible.
Its a bit crazy that i became world champion in my first season at super aguri and also a shame that winning the title after hours and hours of playing isnt rewarded with even a little cut scene (im pretty sure we all like completing games partly to see what the gamemakers have in surprise for us at the end).
Like another reviewer said, its crazy that the medium difficulty setting is 4 seconds quicker per lap and i cant honestly see me qualifying any higher than 21st in every race. Also if you change to a 'top team' the speed or handling of the car is no diferent to the bottom teams so theres no incentive to take up a contract offer from a top team as it offers no incentive.
Its in my top 3 psp games so far, maybe my favourite as im a huge fan of driving games.
Buy it, you will probably get it at agood price now too!