THE best party game I have ever played. Mario Kart eat your heart out.
Sure the graphics are not grand by any measure, but they fit well and they don't look bad, nor particularly amazing. It's sometimes confusing to tell who won which game and what head is over the doors, etc. but for the most part the graphics are perfect.
The gameplay as I said, tests you in different ways, button combos, driving, aim and timing, 1st person shooter, its all there, and its all done pretty damn well.
The soundtrack is nothing spectaclar, but the sound effects work for me, they are suffiecent for the game.
The value of this game is through the roof, since its different every time you really can't get tired of it.
Overall, this isn't the best game you'll ever play, but its pure fun for you and your friends/family so pick it up and give it a shot.