Having played it some more I have to agree with Phinor, the physics are just horrible. The cars slide for literally no reason atall, and there is just no 'feel' whatsoever, no feeling of inertia or weight. It just feels so utterly wrong.
There's nothing wrong with good arcade physics (Dirt 2, PGR, Sega Rally etc. are examples of this), however this doesn't have good arcade physics, it's just........crap. If it's trying to be a sim it's not remotely realistic, which would be fine if it had decent arcade physics. But it doesn't.
It's a shame, I love the cockpit effects when at high-speed and crashing, and it looks nice enough, but the abysmal physics really let it down.