Looks nice, but I think a key aspect of wipeout is that it IS the future, ranging from simple anti gravity racing to crazy quakes all wrapped up in a nicely presented package of fun. Although not much is shown in that vid, i'm assuming since you mention F1 as well as reducing the sci-fi ness, i'm thinking race tracks will be made in a typical race track environment (read; stands, flat fenced of tracks and little environmental variation over the course of the track,… you know, the typical F1/ race car games). Wipeout has always been different in that aspect, flying through mountain ranges, apocalyptic and utopian areas, cities, and heck, even straight through a freaggin mall! It's crazy to think about such a thing when it comes down to it, but that's what makes it futuristic, it also allows for very dynamic track design, heavily banked, twisting tracks with hills going vertical and drops becoming jumps. It's anti gravity after all, exploit that concept, you're no longer as heavily restricted to this annoying thing called gravity

Another, in my opinion, major and very important thing is the variety in ships, each having their own completely different design from the other, it is, what i think allows pilots to get "a bond" with their ship, the visualisation, all ships are the same, but just have a different texture applied, it does distinct one from the other, but it makes it less interesting. Not sure if ships will be equal in performance or not, if they aren't and all ships look the same, then it's only numbers/sliders that make a ship different and you wont get that feeling of, this is my favourite ship, i love flying this thing and will show that it can outperform others just as well! Wether you picked Feisar because it had that typical japanese tint to it, Harimau for it's smooth curves, Mirage cuz it's cute as hell, Piranha for looking badass, Triakis for being military themed, or any other ship for a different reason, one can relate/reflect him/herself upon their ship, it's like implementing personalisation into the game, without implementing it (the usual emblems/ textures).
They don't have any tweaking either, (except for the difference between HD/Fury then, but those are still quite fixed anyway), there's no need to make it complex like that, it's something that actually annoys me in most racing games, all kinds of hassle to figure out the best setup, and once you find it, you're sticking to it, pointless imo

Would love to hear more on the mechanics, as i don't want to criticize without knowing what the idea is (weapons or not? Mostly flat tarmac or not? Anti gravity as in, you can go flying, or anti gravity as in you're hovering above the track? Arcade or futuristic simulator? Speed or power?, …) Things you may not be able to disclose as you don't want to give away the concept, but some of those are rather important in defining the racing genre

As a summary, i think art & design(shapes, but also tracks) will play a very big roll in defining wether you'll be going for more of a race car game, or a futuristic racing game (as well as some of the main mechanics, but i cannot comment on those as we don't know them, yet )

Looking forward to hear about the development

Cipher

ps i dunno about the game title, would ditch the racing in it so the focus lies on SlamJet rather than on Racing ( a more common and understood word(->) plain, therefor grabbing all attention)
pss sounding maybe a bit negative, but that might just be the case since i'm not exactly sure what the overall concept is, i really support you guys, and it's nice to see that that your team is asking for input/feedback before the game is 80% through development, really, much support & love <3
pps if available, i think wide shot concept art could explain it better and give an overall feel (takes less time than 3D production as well, props to the artists though, looks good (Devs too, but we can't see that yet ))

EDIT; well i wrote this before the update, but that preview shot helps a lot , liking the feel, i wouldn't really call that stepping away from sci-fi though lol, kind of glad with that
The HUD isn't very readable though and looks a little, i don't know what the word is i'm looking for, but childish? maybe? i dunno, think it might be better not to have all separate, individual hud elements, a simple designed frame surroung it would already help a lot, but i would try make it more fluid And if you can't seem to make the transition from 1 element to the other, you still have the bottom 2 corners you know, in my opinion, a better place for the HUD as, when racing, you need to look ahead and you'll get distracted by the hud, you rarely ever look at the bottom of the screen, as it's trac that you've already past and is therefor no longer of importance, indicators such as speed, laps and throttle become trivial as they are non essential information (unless it's some kind of endurance race with a significant amount of laps)
But looks good! Personally i don't think i'd go with reflective track surface, but that might just be me, ask around