I saw two F-Zero AX machines this summer while I was in Vegas. I didn't get to use my memory card though since, you know, I don't usually bring memory cards on vacation on the off chance that I may find an F-Zero AX machine. The one I played was Japanese anyway so I doubt the card would have worked.
I only played it once but I thought it sucked. The controls were terrible. I picked the Blue Falcon which is a pretty easy car to handle and I'm used to it with GX but I just couldn't control where I was going at all and I ended up running out of time because I fell off the track. There's no sensitivity. No matter how little I turned the wheel the car steered like I had done a sharp turn every time. It was like the controls were designed for a d-pad. I've heard of problems with playing GX with a wheel as well so perhaps Sega just screwed up royally with the wheel controls. Consider yourself lucky if you've never wasted money on this unplayable piece of crap.