It's really, really, really pretty, and also fun to play.
This is one of those games where if the colors of video games weren't so bright, you'd swear you were looking at reality. You can see drivers in the cars, and the in-car view is amazing. You feel like you're actually driving in a car you could never even possibly hope to afford in real life.
The cities in the game are very accurate (as far as I know, I've never been to any of them) and at night Las Vegas is spectacular. You can see all the hotels so clearly, you'll recognize them whether you've actually been there or you've just seen it on TV a million times. The Bellagio, the MGM Grand, New York New York, Paris, they're all here. Only a few spots have an Xbox 360 logo, and I'm assuming there were some licensing issue involved. Anyway, this game is beautiful.
This game is also a fun one, and if it plays like the other two PGR games, then I have no idea what I was missing. The kudos system promotes sliding through corners, which is always a plus on replays. There's a course editor, which you take the cities and choose routes. Don't expect to go crazy like Midnight Club 3, but you can come up with some pretty good stuff.
I wish I could comment on online, but I don't have the capability to play on Live. All in all, I liked this and I'd recommend it to anyone who likes racing games. Heck, I'd recommend it to anyone who likes cars in general.