Got the european version yesterday. Here´s my impressions:

The graphics are outstanding. The attention to detail is simply amazing. This is the best gfx I´ve ever seen on the xbox. Car modelling is flawless. Beutiful rendered cars. And as for framerates it runs like a dream. The sound fx is good but the music is merly average. It doesn´t matter much though since you can make yourself an own soundtrack.
The Dream mode (career) is a nice touch but doesn´t really let you handle so many things by yourself. However. I have only played for a couple of hours so this maybe changes the longer you play the game.

This game delivers what infogrames have said about it.