Okay so, before I divulge on first impressions, a disclaimer: I have never owned WipEout HD or 2048, so just bear that in mind when I express my excitement over a detail which probably already existed in the source material.
Overall, this is a damn fine production. No two ways about it. From the livelihood that each track exudes, right down to minor details like each team having their own unique onboard computer for their ships, and the changing colours for Zone mode, it's easy to see why Sony couldn't just let this franchise die.
The soundtrack, I can live with, despite the gimmicky DJ-esque "Go!" at the start of every event, and the developers trying their best to eviscerate whatever vocals remained in the tunes despite slipping up on some (looking at you, Chemical Brothers), it surprisingly evolves while not straying too far from the status quo.
The only things that bother me, are that the ships sound a bit too much like cars, and my beloved Icaras is locked at the start of the game. But those are hardly held in high regard, when it comes to the fact that Sony personally gave me a second chance to have a crack at their last-gen classics, which look like they haven't aged a day.