I just got back into playing this one; I'd forgotten (or, maybe, never realized in the first place) how excellent it is. The graphics are awful, and the engine is sloppy, but the speed and competition are by far the best in the pre-Fusion games. I'd probably put it in my top three, along with Wipeout HD: Fury and Wipeout 3: Special Edition.
Wipeout 64 uses mirrored tracks from Wipeout and Wipeout XL. Klies Bridge = Talon's Reach, Qoron IV = Altima VII, Machaon II = Gare d'Europa, etc. The "easier to master" thing comes from the slightly F-ZERO-esque handling model.