Pros: Fun, great selection of cars
Cons: not very realistic driving
The bottom line: I would say try out the game first at a video game store or at a friend's house. That really is the biggest factor in buying this game.
I originally purchased this game as an alternative to Need For Speed Underground 2 because it had motorcycles and trucks. I'll review the main aspects of the game in the following review.

Storyline:
The storyline is not very deep, you don't interact with others as much as NFSU 2. There are characters that you race with names, but you don't interact with them and there aren't any cutscenes like in NFSU 2. If you're looking for a racing game with a good story, I would look elsewhere, because this game really doesn't have one.

Gameplay/Driving:
This game's driving aspect was not very realistic, but fun nonetheless. Imagine Grand Theft Auto type-driving. If you are looking for a realistic driving simulator, I would go for one of the Gran Turismo simulators. They do a much better job of simulating actual driving conditions.

Graphics:
The graphics are pretty good for a PS2 game, not the best I've seen but not the worst either. They could have put a little more detail into scenery and objects on the courses, but its no biggie.

Number of Cars:
The game's strong point is definitely the amount of cars. Although it didn't have a few (Audi, BMW, Ferrari) it still had a good selection from companies such as Gembella (knock-off of Porsche), Dodge, Chevy, Cadillac, Ducati, Lamborghini, Chrysler, and many others. (The complete list is one the site). Like I said before, there are a few that are missing but other than that, this game leaves you very full in terms of selection.

Difficulty:
This game is set at a good difficulty for my taste. You don't win every race by a mile, but you don't lose everytime either. Once you pick it up, you can consistently win races without having to do them 1000 times.

Fun Factor:
Overall this game is very fun if you are looking for an NFSU 2 (Need For Speed Underground 2) alternative. I would recommend playing it first, though, as this game may or may not fit you (My friend really dislikes it, but my cousin loves it as much as I do).