The only really big problem I’m seeing with WOHD lately is the fact that there seems to be much more lag during single races/tournaments. It’s really annoying as you crash into your opponents and the track walls non-stop. It’s not that extreme with eliminator (at least it’s not that crucial for a win).
And there are way to many races with weapon hints and pilot assist.
Eliminator isn’t fun with eight players anyway (quake spam) and single race isn’t either with that amount of lag, as winning seems totally random.
That are my experiences for Phantom, at least.

Anyway: I had a few very good races lately. If you have the patience to wait for good players, you can get very good 4/5-player-races – even with newcomers. There really seem to be a few people who got interested in the game and don’t bother whether they finish first or not and stay for more than just one race, because they enjoy the fun.

And on a posivtive note: Even though some players stay for only one race, I haven’t had much quitting