I'll start with the positives.
Nice graphics mostly. Really nice track by the looks of it, with nice shadows. Grass texture still looks a bit poo, but that might also be the DivX compression.
On to the negatives, all of which are "in my opinion, based on a single view of the video".
Bees! At least no one can say LFS sounds the worst anymore!
Dead - the car is dead. No squirming on the tyres or getting squirrelly on the brakes. No little slides to speak of. Too much body movement in my opinion for such a car. But it's the lifeless car behaviour that gets me most, as though the tread area, sidewalls, suspension etc aren't desperately trying to cling on to adhesion, and it's a feeling I've had (or not had, depending on how you look at it) in nK yet, and remains it's biggest physics flaw.
I just hope that the formula car, multiplayer, on-track experience is a flawless 100fps lag-free (excepting my wireless connection lag) one, with almost no area open to critisism.