I'm not sure there's much out there regarding the pros and cons of each hardware choice - and it may not be impartial if it is out there! Not like here, of course
In terms of software reviews, you'll find a large collection for both consoles (and the Gamecube, amongst others) at:
www.ntsc-uk.com www.computerandvideogames.com www.gamesradar.com www.totalgames.net
The latter three sites host copies of their magazines' reviews, with the former being a fan site.
If driving or racing games are your thing, then you really can't go wrong with either option. It's really a case of 'six of one...' as for every good title on one console, there's sure to be an equivalent (or 'port'!) on its competitor and it may depend on how much you rate video or audio in the scheme of things. Although by no means a certainty, the Xbox
can produce a more refined image and has the benefit of 5.1 audio through the appropriate connections.
Despite the supposed advantages of the MS hardware, however, two of my favourite racing games are the rather aged
Gran Turismo and
Ferrari F355 Challenge. For me, the former still has some of the nicest graphics and audio around (not to mention about a gazillion vehicles

) and the latter, recently bought, some of the worst - but with all that counts: gameplay
On Xbox, my favourites include either of the two MotoGP titles (
MotoGP and
MotoGP 2, oddly enough) and
Colin McRae 04 (also available on PS2).
Having only played
McRae 04 via a 2-player 'taking turns' option, I don't recall if a split screen mode is available; but such a mode exists with each of the other titles listed above (with MotoGP having given some rather spectacular and...
FUN! gaming moments (with great use of 5.1 for locating competitors, too).
I was going to add to the confusion with mention of the PS2 backward compatibility; but, er... you've done that! Although it has become less so for me over time, it has proved to be a nice feature and a nice reassurance that I still have hardware capable of playing those old games that I'm still looking for.
I'll leave it there for now and wish you 'happy gaming'. Enjoy your reading too; there's a lot out there!