First, i think I think that pulse is the best wipeout game since 2097/XL, but there are few things which i don't like.

-track design is good in general, but amphiseum and de konstrukt are really boring and less ispired than others. (imho)
-the game is easer than pure, which was already easy.
-the menus are really functional, but pure's one was the best ever: why change it? I also don't like hint and tips during loading time, is Wipeout, not Burnout..
-freezing is becoming a problem until i saved new race packs and mp3s.
-of course, the impossibility to use downloaded ships in multiplayer matches
-ships are not too well balanced in stats, it's easier to win with piranha, triakis or icaras
-the remixed song of Kraftwerk, "aero dynamik" really sucks: original version was way better.