I had a quick game on it today. While the graphics are nowhere near as impressive as screenshots make it out to be, it's still impressive. Not as good as Ridge Racer (graphically) but a lot better than Need for Speed. Menus are responsive, unlike FIFA, Tiger and other EA games. Can't comment on much more as I only played one lap on Silver Lake (from Burnout 3) but it seems an accurate reproduction. For Xbox burners, it may take a while to get use to the controls. X is accelerate, while Square is brake/drift. Right trigger is boost and left is rear view. I know I pressed right trigger to go, and left to brake straight away.
All in all, I can't wait to get it tomorrow.