Burnout 3: Takedown is hands-down the best racing game I've ever played. The cars may not be licensed, you may not be able to tune your cars, but it is flatout, unrelenting fun.
First of, the visuals are unbelievable. Sparks fly, and your car becomes visibly discheveled as the races progress.
The gameplay/controls for Burnout are very nice also. Turning is as easy as tapping the brake button, turning the analogue stick, and boosting at the apex of the turn to perform precissiong drifting maneuvers. You don't have to worry about torque or allignment or all that jazz. It's a wonderful 'pick up and play' kind of game.
Immersion for this game is incredible. You find yourself actively trying not knock any and every car out of the way. With the "Takedown" system you can throw your opponants out of the race by grinding them, pushing them into walls and pillars, and you get extra points for avoiding crashes with style (Think the Matrix except with cars) Every time you yourself gets taken down, you think "Ohh, you better hope I don't find you, cuz when I do..." Unbelievable.
All in all, Burnout 3: Takedown is a fun, adrenalin-pumping experiance that I recommend everybody at least rent. My favorite racing game, the only one I can stand actually, gets a 10/10