It's really awesome if you're a racing game fan. Don't see how Bioshock and Blue Dragon will ever be completed as the Moto GP disc seems to have found a permanent home in my 360's drive.
Yeah, the tracks are a bit barren and the 60 FPS framerate isn't always consistent (especially when you get back on track with a lot of other racers around you), but the awesome sense of speed more than makes up for it. Very nice-looking rain effects too.
The handling seems to have been simplified over last year's game, which is a big plus. These controls are very rewarding, they're easy enough to get you racing fast, and yet they're hard enough so that you really have to pay attention in order to avoid sliding off the track constantly.
Also, the game always features the same 3-4 emo songs that play over and over again, that's a bit tiresome. Yeah there are custom soundtracks but I'd rather experiment any game in the way that the original designers intended.