Considering how early a release it is I'm pretty impressed.
Graphics are in the pre-shader stage so it's not time to judge those yet. The sounds are excellent, with a really good way of implementing them. The physics look like they have real potential, although it's a bit tricky to tell as collisions aren't implemented yet.
The thing I liked the most was the force feedback, it seems like a really sensible way of going about it, just calculate the force on the steering column and transfer it to the wheel (using a DFP till the new model comes out). I think more sims should look at this instead of trying to guess what to send to the wheel to simulate things that aren't usually felt in the steering wheel.
It'll definitely be one to watch, as the most unique thing about it is the ability to make cars from a collective database of parts. If the editors good and works well with the 3d modelling programs I think there'll be a ton of content developed for it.
To those that missed getting a slot, don't sweat it too much, it's VERY early and was more just to test the bit torrent client, not really racable yet.