OK, managed to play for about an hour before work, here are my thoughts.
Graphics:
I'd be lying if I said I weren't dissapointed. They look quite nice, but way short of looking 'real'. The colours, especially on the cars, are far too over-saturated. And there's no subtlety in the lighting, the difference between darker areas and lighter areas is too great, with not enough in between. The lighting reminds me of TDU in that respect.
As for the jaggies, yes they are noticeable but they dont detract from the immersion as much as the colours/lighting issues.
Having said all that, the car models are nicely detailed, refections are nice if a little overdone, and the track detail and draw distance are good. Shadows are very nice too, and cast over the cars in a realistic way.
I love the fact that the viuals are running at 60fps though, it really does make a difference, and when switching to the 30fps of the replays the difference is very clear.
Overall the graphics could have been better, but they are far from terrible and more than adequate.
Sound:
Quite pleased with the audio. I'm running this through quite a meaty 5.1 system, and the crash sounds are fantastic, really bone crunching with a nice thud. Engine sounds are pretty good, but a little lacking in low down grunt and grittyness.
On the whole though, the audio is pretty damn good.
Now lets get on to what this game is about, how it feels to drive:
First let me get this clear, I NEVER drive with any aids other than ABS on. Driving aids are for little girls
I'm also an avid PC sim player.
I'll get this out of the way first, the brakes are way too sensitive, even with ABS. It is difficult to modulate the brakes properly to trail-brake into the bends, and it's quite frustrating. Maybe things are better with pedals, I intend to get a wheel so I hope so.
As for the actual car physics, the jury is still out. It seems rediculously easy to hang the arse out and hold a slide. On my third race I jumped into the yellow Saleen and was sliding the arse out on every bend and holding it easily. It's way easier to hold a slide than it is in PC Sims.
It just seems that they have spent a lot time creating a complex and advanced 360fps physics engine, then dumbed it down by 'tuning' it for console gamers.
Having said that, I'm used to rFactor, a sim that is notorious for being difficult to hold a car in a slide.
Also, the instant lock-to-lock of the pad makes holding the arse out a lot easier. The underlying phyics feel solid, so it might just be that the pad is making it feel more arcadey than PC sims.
Overall I'm slightly dissapointed, I was hoping for a Sim to rival stuff on the PC, but it certainly doesn't feel that way at the moment. It's a huge amout of fun, but doesn't feel 'real' enough.
Still looking forward to the full game though, and it might be a whole different story with a wheel/pedals.