I'll try to be as brief as possible.
As a racing game, it stands out from other racing games because of it's extreme speed, relatively little time in between races due to the free-roaming aspect, and (whilst very arcade-ish) solid controls. The graphics might not be superb on screenshots, but when you see everything racing past you at who-knows-howmany miles per hour, you know you've reached the full potential of your PS3 (or 360 if you get it for that system).
Now, about the "ultimate" box. Apparently little people realise that most of the gameplay aspects available on the ultimate box are downloadable free of charge (in fact, they are automatically downloaded as soon as you pop in a copy of the original Burnout Paradise). There are a few things that you have to pay for on the regular Burnout Paradise, but even if you buy the original Burnout Paradise and download all the extra content found on this disc, it's still hardly cheaper than buying this box! Not to mention that not all the DLC is worth it in my opinion, but I'll leave that up to you.
In short, great game, but there's nothing "ultimate" about this box.
Game itself: 4/5
"special features" of this box: 1/5
Overall (not an average): 3/5