I've played this a lot over this weekend and now the songs are stuck in my head.
Speaking of the songs, I really liked what they did there. We get the songs from the 1986 and 1989 OutRuns, the songs from Outrun 2, and of course the songs made for Coast 2 Coast. As for the car sounds, well, they all sound the same.

At first I set the car sounds on max and BGM a bit lower but you get bored of the same boring engine noise in all the Ferraris, so I switched those around. 👍
The game is locked at 60fps most of the time, but it's not unusual to get frame rate drops when the screen gets too crowded. It's not that annoying really, and racing with up to 14 rivals plus heavy traffic is something you don't see much on PS2 games. The gaphics are good, but not great. If you pause the game you'll notice how low-poli things are. It looks beautiful in motion though.
I haven't bought many cars yet, just the 360 Spider, the F430 and the SuperAmerica. You start off the game with two cars available, can't really remember their names (I'm not good with Ferrari's car names) and you use the points you make racing and doing the missions to buy more. There are quite a lot of variety. You get a bunch of Ferrari cars, plus modified and racing versions of some of them.
Other things you can buy with those points are reverse/night versions of tracks, different missions to play in OutRun2 and OutRun2SP mode, BGM and car colors.
I haven't tested the online mode yet, should be fun. The game doesn't seem to be short, so far I completed about 25% of it. Plus you get the original OutRun2SP with it, so the fun should last for some time.