Well, I recently rented it for the PS2 and was quite impressed with it. While not the deepest racing game, what I would well done is the atmosphere, which kinda sounds weird. But playing it, I really got the feeling of being a southern good ol' boy who, with his friends, grab their cars, paint them up, grab some decals from the local hardware store and race through deserted back roads.
Befitting this type of racing, the damage system is pretty good and very visual. If you hit another car, you don't merely get away with a dented fender or bumper, like in some games. Believe me, I've been in a couple of collisions, and even at 50 or 60 mph, if you hit something, your car is going to get messed up. Same with fences, trees and telephone poles. If you hit them, you're not going to be able to vaporize them like in Burnout or Midnight Club, you're going to feel it. The only complaint with the damage I have is that it is still quite simplistic. They have only a few 'zones' for damage: fenders, door, bumpers, roof; and each zone only has a few different levels, so you often see the same damage repeat itself over and over.
But that is only a minor complaint with a game that's this much fun. I only played it for a couple of days, so I can't tell how long the interest lasts, but so far, it seems like a very fun game to pick up and race through a few laps.