Its good but no where near perfect....
Graphics: The best looking part of the game is the movies and there's lots of them. Everything else isn't anything to brag about. The cars look decent not very much shine to them compared to other racing games on the psp. But the backgrounds look pretty bad. the building look like giant blocks and the sky looks grey and un-detailed.
Sound/Music: Its all fair when it comes to the sounds and music. The best part of the sounds is the voice acting. Its clear and loud so you can tell what people are saying. As for the sounds during a race not so good. The cars pretty much sound the same and when ya hit the wall ya get the same "thud". But the music makes up for it. It fits the theme of the game perfectly even tho i don't care for the kind of music.
Value: I dont think this has a very good value. For me this game was 50$ (im Canadian) and it wasn't worth that much. Maybe if it was 10$ cheaper then that would be perfect.
Final Conclusion: If you like the option to customise your car, street race, and even race for pink slips but have already played the need for speeds on the psp give this a shot. But in any other case try to rent it dont be like me and just run out to buy it.