Right - time to clear up a couple of things...
Wheelie Trick: works on the following cars (PAL UK version)
Escudo
GT-One
R390 GT1
Pagani Zonda LM Race Car
Mazda 787B
However, only the GT-One and Escudo can go above 1500km/h.
The Escudo manages around 1550km/h max - using manual gearing. The GT-One, in the slipstream of another AI GT-One, achieved 2500km/h+ - i.e. 1435mph or so.
Without a tow, it managed 1973.5km/h - 1232mph.
I know someone said that this is because the wheels are spinning and you are not actually doing that speed. WRONG:
Proof 1). Look at the map showing your position when driving. The little green dot moves at an incredible rate when you're doing 1900km/h.
Proof 2). The Lap Time. I clocked 1min 4.443 secs about the Test Course - at 10342m in length, my average speed is thus 10342/64.443 metres per second; multiply by 3.6 to get km/h - gives you 577.7km/h, or 361.1 mph. AVERAGE SPEED. Thus you must be going well above the normal top-speed of the car.
Proof 3) During a 15 lap race I lapped the AI 5 times - the AI being GT-One; R390GT1, etc. Thus the car is actually doing that speed.
Proof 4) Use the exterior camera, you'll see the road markings and overhead distance markers flash by ridiculously fast. If you measure the time taken for a board to pass (0.3 secs, thereabouts); and its 100m between each - speed is 100/0.3 = 333metres per sec, *3.6 gives 1200km/h. Thus you are actually doing that speed in the game.
Enough proof?!?
Finally - WHY DO YOU ALL drive the Escudo?!? It cannot steer, ever. The game physics is designed such as the higher the speed, the less the front wheels turn (try it in First gear, gently rev the car whilst holding full lock. You'll see the angle of the wheels reduces). Yes its quick but I agree - its toy, not a racing car. Bit like my PINK toyota Yaris.
I hate that car more than I hate Ridge Racer.
The reason why the car's dont steer during the wheelie-trick is stupifyingly obvious - the steering wheels arent touching the ground!!
So there we have it.
</rant>