Here's a video I just made for y'all
Keeping in mind it's a beta and still very much in development, it's quite nice. It looks pretty, with a high poly count, detailed textures and accurate lazer scanned cars and circuits.
There 15 or so cars, with the main licences being from Lotus and BMW. There's M3's, Z4's, an M3 GT3, Lotus Elise, Exige, Evora, 2-Eleven, and a type 49. There's also an Abarth 500, a KTM X-bow, McLaren MP4-12C, a Zonda, 4/5 Competizione, Ferrari 458 Italia, and a Formula Abarth (F3) car.
Circuit-wise, it's a little limited at the moment, with Mugello, Silverstone, Monza and Imola being the highlights.
The car physics feel nice, although I think some more tweaking with my wheel and force feedback is required. Even though I have a 900 degree wheel, it's still limiting me to 180, so a 90 degree turn of the wheel sends the on-screen one whirling like a dervish, which is providing a bit of poor feedback when I'm trying to gauge how much to turn the wheel. I should think you'd need a wheel to enjoy this fully, although it does have native support for the Xbox 360 controller.
The cars have a nice pitch and roll about them. They could maybe do with a little more weight, but maybe that's down to me only trying the smaller or lighter cars, and my wheel needing some fine tuning.
At the moment I'd call it a 'Track Day Simulator'. There are full race weekends, multiplayer and career modes on the way (as well as lots of developer-encouraged modding), but currently you can either choose a car and a track and hotlap, or take part in challenge events, which seem along the lines of the kind of thing Gran Turismo throws at you. I stuck to hotlapping in my Exige at Silverstone, and that was pretty fun, trying to perfect your line, understand the car, better your lap times. All the tuning is good and proper and you can get all the telemetry feedback and then fine tune the car's parts. The HUD is also customisable, with each element being a widget that you can turn on, off, and move around the screen as you see fit.
There's an auto-vista type thing when you choose you car, you can spin round it and even get in and look around the whole interior, which has been given an equal amount of detail.
I've played about 90 minutes so far, and it's been enjoyable. It's £25 in the Steam sale, and it's an early access beta release, so if you're willing to spend some cash now (thus helping fund the development) and sit tight with the cars, tracks and game modes currently available whilst waiting for the rest of the game to fill out, I'd say it was worth the money. It is going to need a fairly good PC though, even for the minimum specifications