Actually really impressed with it. Unlike Flatout (which I never liked) it makes no attempt to be remotely realistic. I thought it was great fun (though I couldn't get the MP to work). Not got much lifespan really but I can see myself being tempted to buy it.
As for the graphics they are stunning, running fine on the automatically detected settings (1280x960 + Max detail) at probably a bit bellow the FPS I need to race with stabaly. Despite that I still wish LFS never looks like this, these kind of overly done visuals are best left in arcade games such as GT4/Crashday. Just shows how much CPU time the physics take in sims.