Loading times don't seem anything longer than normal for PS3 which always loads a bit slow IMO, can't agree the graphics are crap, some textures are a bit naff but when racing it's hardly a issue, and I thought you could play your own music? sure I seen the option to set up your own playlists.....
You can, but I've read that playing any music in game while racing means that the available RAM takes a noticeable hit.