OK, just to add to this thread.
Bought this today. Was after something new to play, both 'new' as in age and 'new' as in something different.
Graphics wise, it's definately not your PGR3. There's some nice graphics, some really damn good gorgeous explosions and some lovely chrome effect on the cars. Scenary is very nice, but like I said, it's no PGR3.
Soundwise, the effects are brilliant, definately something to blow both you AND the neighbours away, the only downside to the sound is some of the music, not much, but some is downright bloody annoying.
As for the gaming itself, it's fast, furious, lots of action and a hell of a lot to do. It's kinda like a crazy-taxi meets carmagghedon in that the game is fast as hell, you're ALWAYS in the action and you're generally a cause of that action too. Very nice.
Lots of ramps, jumps, twists, turns, 2 wheel stunts etc etc.
As a clue to what you can do, there's telephone poles which you can shoot down and smash them into the cars. Take a corner too much and you break the plaster, keep hitting the wall and you're down to the brick work, again and again and you've made a hole! Nice.
Overall, really really nice game, doesn't show off the capabilities of the console, but a whole lotta fun.