With no doubt!
The graphics and the interaction between the cars, pedestrians and scenery is all first rate. Each of the cars is very detailed, mainly down to the fact that they've been rendered with polygons, as is the scenery, the only parts which are sprites being some track accessories and the pedestrians. Also, the collision-detection is spot-on.
The sounds in the game set the tone perfectly, but lose a point for being not a great deal more than you'd expect from a racing game. The sounds that do stand out are the grinding crunches between the cars which are great fun. If you have your PC connected up to a hifi or surround amplifier, make sure you have the volume turned up as you plow into the opposition!
Playability is nothing short of excellent. The combination of keys can take a little getting used to, but once you've worked out what goes where, or have configured the keys to suit your own preference, you're well on your way to venting your frustration on the bad guys. After this, it's a case of practice makes perfect, or try, try, try, try and try again...and again and teach the opposition a lesson they'll never forget.
Overall, for me, this is the best dracing game ever made. It takes the conventional racing game and gives it a sharp kick in the teeth, not to mention doing the same for political correctness. :)
If I wanted to make one alteration, I'd allow the saving of your position from within a race, but then the way it stands now will make you try just that bit harder which may increase the longevity of this game as you won't want to stop until you reach the top-slot.