The Best Racer for the PSP is right here
Once in a blue moon your car will fall through everything but it doesn't affect gameply and sometimes when the song changes you'll get a hiccup but its hardly noticable.
On that note, the sound in this game is awesome. All the cars sound great and unique and the EA trax just rock. Fantastic musical score I might say.
As far as controls they are tight, responsive, and intuitive. Granted its a racing game but everything works the way it should.
Gameplay is fast with an awesome sense of speed and theres a lot of variety included too - not just standard race after race. You have pursuit where you chase down a guy in a cop car and smash him, Burning laps which are basically time trials, and finally road rages where your goal is to smash as many other cars as possible.
There's also your standard race, 1 on 1 race, and eliminator where the person in last place each lap gets eliminated.
In whole this game is the best racing experience for the PSP and it holds its value true.