So far, I'm liking it. It's not absolutely perfect, but it's not really horrible either.
I love the new tracks, new weapons, and especially the graphics. The biggest problem with it is the physics engine. It's not a horrible physics engine by any means, it's just that the ships seem fixed at a certain height above the track. Pitching up an down also doesn't feel right. But then, imagine trying to do a loop with the wipeout 3 engine...
As for the best race records issue, I don't care a whole lot about it. Gran Turismo 3 didn't even have race records!
I also like how you have to unlock just about everything, including weapons.
Also, some of you have been complaining about the difficulty and the forgiving walls. True, you almost never come to a stop on walls, but they slow you down pretty good, and they also murder your sheilds. I've been having troubles actually completing races at all (getting 2 or 3 quakes in a row doesn't help either)! and then there's the challenges! boy, some of those are TOUGH!