I'm enjoying it, I don't have a problem with the graphics, they are pretty good, agreed the edges of the car's aren't great, it would nice if the same quality in the replays were possible during gameplay. I like the sound and the gameplay in it, its awesome hearing the cars down shifting gears going into corners with the exhausts singing after each gear change, then pulling away, love it. I played it initially with all the aids (other than auto gears) just to get a feel for the gameplay and to get use to the driving system, then I turned all the aids off and went straight off on the first corner, lol. But after that I found it brilliant with the aids off, very involving. I agree about the penalties, some of them are very annoying, but I think this may have been a decision by the developer to provide a game that requires minimum contact and proper concentration to play (which makes it very involving).
Thumbs up from me, still keeping my pre-order.