HOLY SHIT THIS GAME

First out of the way - its 30fps, there's slowdown similar to GT5the front menu is SHIT. It looks good but not great.
The driving model makes Forza seem like PGR4. Makes GT5 seem like Forza. It's not as unforgiving as the PC title it stems from but it's just amazing.
Handling is superb on semi-pro (some assists). If you take a shitty line you get punished by horrible understeer. You power out of corners and the back end kicks round. If you try to over take someone when they have the racing line you are fucked beyond belief. If you thought Forza and GT5 were lean on penalties for poor driving, this is the other end of the spectrum.
There's about 1million things you can change for your setup in the menu before a race. Want to change your slow bump damper (front left)? Go ahead. Tyre pressure, camber, ride height, caster etc it's all here.
Don't like the controls? You can change steering sensitivity, analogue sectors (light, moderate and considerable pressure), throttle/brake sensitivity, global steering lock etc.
Every time you load a track there are Track Tips, around 3 or so that give you tips on how to drive the course. Also at the end of the race it gives your best sector times for the track so you can see how you compared to the AI.
Haven't tested the realistic damage model out yet but I will soon.
Very impressed with it.