Just had a quick one play race. It's definitely a fun race so far. Feels very Wip3out-like. The voiceovers are a bit cheesy, but the racing itself is great! I'm happy to confirm that the jumps between ramps and levels are not scripted as was reported somewhere - you can control your vehicle mid-jump, and your position when going into the jump does affect where you land.
Not much more to report right now as I haven't played much. It's a hard game though!
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I've just worked out what the the change in 'colour phase' does. You have to match the colour phase of your vehicle (orange or blue) to the coloured strips on the track. If the colour matches, you get a speed boost. If it doesn't, you get slowed down. If you can switch the phase quickly enough between different coloured strips you can get a sequence of boosts. This is a nice touch.
Unfortunately the graphics don't look quite as nice in motion as they did in the screenshots and promo videos, but that might be because they're scaled up to my 90" projector screen. However, the graphics are good for a budget-priced title.