This game is a must for your PS2 collection.
GT4 is just one of those games that you must play on your PS2. It really is an amazingly well done game with an insanely wide variety of options to your game experience. The replay value is incredibly high in this one as it will just take you forever to complete the actual game.(if you're willing to do it)
The graphics in this game are top notch for a game of its period. However, it does suffer a good bit on my larger TV. Some of the details really lose their edge and, at times, I get some serious frame rate problems. These come and go but, overall, it doesn't ruin the experience. The graphics are beautiful regardless and the game is just fantastic.
Probably the biggest complaint would be that your car never takes damage but I'm OK with this as it allows you to focus on the performance of your particular car which I think is a good thing. Rather than worrying about when your car is going to blow up you actually get to focus on handling, passing, etc. This game really goes the length to simulate all other aspects so it's not a problem for me with the damage thing.
If you're one of those people that wants to finish this game in a few weeks then you're going to have to clock a TON of hours as this game is not necessarily made to just be start and then finished. It's a game with a more intentional pacing that allows you to return over and over to really grow your experience.
I've had a LOT of fun with this game!