I played the SE version which has a few more cars and tracks I believe. The game is a very arcade-y racing game. Even though you can select modes and I selected the simulation mode, it still feels very arcade like. The cars are interesting as most of these are exotic concept cars and the tracks are very fun. The best thing about this game is probably the thematic tracks in different locations around the world.
The things that I hate about the game are: first it is very difficult to beat the knockout race. I've been trying for a week now, maybe it's been years since I played a racing game or used a controller (oh yeah, my patched version seems to work with an Xbox 360 controller). I did everything from driving manual and using braking/engine braking properly and following racing lines but still couldn't beat the game. The soundtrack is a bit arcade like 90's heavy metal with world music influences based on the track (though Mystic peaks sound track absolutely slaps).
In the end this was a really fun game to play, since this is abandonware I found a repack version with all the patches pre applied (Magipack). Finally, this is a nostalgic game for most people, I don't think it's worth playing in this era, you should just play it for the memories.