Well, it's out now (on PC, of course), I feel like it could've done with more time but it's decent enough and fairly priced at £15. It doesn't have WipeOut's slick, super cool feel and I've encountered some weird stuff - like doing a single race on Elite difficulty in the ship that looks like an F1 car and somehow being far, far faster than everyone else, to the point where I'd fly so high off of jumps that it'd explode me and reset me to 10th place even though I was lapping people - but when it works it does feel pretty good. Except the frame rate is pretty bad even on my GTX 1080/i5 4690k, though that is at 1440p.
Hopefully they'll keep working on it and get it finished properly, but I think I'll probably pick it up every now and then. With eight circuits (with day and night and reverse layouts of each, sort of giving four layouts), five (I think) difficulties and five ships it's a decent amount of game for £15, but it all feels a bit bargain basement. It's just missing the details that made WipeOut feel so special to me.