This is a near perfect game that has only one flaw: only 2 players per screen. Sure, you can have more if you hook up to Xbox live, but I want to play 4 players in one house... :)
Other than that, this game is flawless. It's the best racing game I HAVE EVER PLAYED.
Basically, you have 5 modes.
1. You can race. One player allows you to 'steer' your crash (in bullet-time) into your opponents. The more you make people crash, and the more risky you drive, the more turbo you have.
2. Road rage. You compete with a friend to take down 10 players. First to take down 10 wins. Very fun.
3. A few games involving driving for about 10-15 seconds and making the biggest wreck you can. This will blow your mind. Seeing buses, semis, cars and all sorts of stuff flying all over your screen as you go flying into a busy intersection is a rush you can't get by watching Cops.
The game is incredibly detailed. Things get a bit blurry as you speed up and the stats it records when you wreck (how many tenths of a second you were in the air, etc) enhance the game.