This game is very, very good.
The racing is fantastic. The courses are fun, fast, and well designed. I haven't played multiplayer yet, but I will tomorrow. Grand prix is challenging (though I've only played novice; got 1st on all but one, which I got 8th on) and cool, and the customizable ships are a great addition. The characters are corny, but still are interesting and have good bios. The graphics are simply amazing. . . sometimes in practice mode I'll drive off the track just because I'm looking at the background, and I am NOT exaggerating. Seriously, this happened several times.
The music is superb, and the sound effects, though few, are pretty good, too. I agree with DRJ on the control scheme, easy to get but difficult to master. I've only used the attacks once or twice, but the results were quite satisfying (they flew all over the track and were put far behind the race). I haven't tried several modes, like story, but they sure as heck seem promising.
Gotta go for now. Will tell about the multiplayer, though, later.