Saw it in gamestop for $11 and could not believe the deal, but after playing for a couple of hours...
It is reminiscent of Borderlands in that its a shooter RPG, though Borderlands has way more guns and character customization. To be honest, a lot of things about this game reminds me of Borderlands: vehicular combat, ability to switch between four weapons, etc. However, while Borderlands focused more on the weapons and combat, it seems Rage invested too much into the racing and blowing up bandit buggies. But hey, maybe that's your thing.
Also where Borderlands went with unique art style, Rage tried to go super realistic which ended up making the game require 3 discs. Yes, that is right. To play the entirety of this game, they recommend that you install all 22GB from the 3 discs onto your hard drive. Of course you could just install the part you are playing and uninstall and install the next part when ready, but that is just an inconvenience I have personally never had to deal with.
And then the gameplay... It is beyond predictable. Accept mission. Drive to mission. Fight bandits. Drive back. Cash in. And repeat. Also, maybe its me, but every fricking mission place looks the same. Small corridors with desks everywhere and holes in the walls. Even the enemies get repetitive. Bandits and mutants and that's about it for the majority of the game. In conclusion, skip this game. Buy Borderlands even though it is 2 or 3 years older and costs a couple of bucks more, it simply has more variety and 2 less discs to deal with.