Fun game, but only for true racing fans.
The main mode is the F430 Challenge. The only car you will be driving in this mode is the F430 and your opponents will have it too. There are only one-make races in this game. The F430 Challenge is divided into a series of Italian, European, and American races. Each series is divided into race weekends. Each race weekend is two races on the same track. Races are about 15 minutes long, so the challenge mode is pretty long. You can choose to qualify before you start the race and you can setup your car. If you don't qualify you will start in last place. Your finishing position is the position you will start in for the next race in the weekend. You have to finish in 3rd or better to unlock new race tracks. You unlock new cars after you win a race weekend.
In the trophy mode you can choose any car you want and there is a 3-race tournament for every car. If you win the tournament you unlock new cars and you will get a trophy for your PlayStation Network account.
In the arcade mode you choose a car and a difficulty and compete in a 4-race uninterrupted tournament.
There is a quick race mode where you can choose a car and a track and customize your race settings like number of laps and weather conditions. There is no 15 minute races here or long tournaments.
You unlock challenge cards for completing challenges like beat the time, or beating a certain difficulty. These cards have different Ferrari's on them and they are used in a trading card style game against a computer opponent. In the game, someone chooses a category like horsepower, top speed, value etc. and whoever has a better car in that category wins. Whoever loses, loses there card (not permanently). The game keeps going until someone has no cards left in there deck.
There is a good selection of Ferrari's in the game. There are a little more than 60 of them and pretty much every Ferrari you can think of is in here except for the Enzo, which sucks! I think it should have been included in the game, not a DLC. The DLC for this game isn't available for America. The race tracks are awesome too. My favorite tracks are Monza, SPA, and Infineon.
This game is also pretty fun online when people are actually playing. There is a sequel to this game called Supercar Challenge, but it's only available in Europe and Australia. If you live in Europe or Australia, I recommend you get Supercar Challenge (or get it imported if you live anywhere else) because there's probably more people playing that online and there's also different types of cars, not just Ferrari's.
The graphics in this game are pretty good, they're not amazing like how Gran Turismo 5 is going to look, but still good. The cars sound pretty good, the collision sound isn't so great though. The soundtrack is OK, the race music is all generic and kind of distracting. The menu music sounds good though. The only bad thing about this game is the AI. They are really fast and they keep up with you but they also crash into you a lot and cause you to spin out sometimes and it's really annoying. I recommend Ferrari Challenge for simulation fans, or for people that just love Ferrari's.