Let's make them pigs fly!
Graphics: My system is able to run the game in 1600x1200 with full options. Streets, cars, buildings, landscapes, horizons, lights, cloud shadows, splashing rain, all are highly detailed and looking awesome.
Sound: The FX is great and the background music make you push the pedal even more
Game play: Each car feels different and changing performance settings are really noticeable. If you're doing it right you can make a car stick to the road like glue. Besides the trucks the other cars in traffic are a bit 'light', they can be pushed away pretty easily.
AI: The adaptive AI works ok, though when you have to beat a blacklist opponent and you appear at the start with the slowest car money can buy, you will see that your opponent adapts to your car and will drive slowly. I'd rather seen that he/she speeded away like an idiot, requiring you to show up with a decent car.
The police's AI is very good, they are harder to shake off each time and they really try to close you in and drive you off the road.