I think that this is the best "proper" racing game available for consoles at the moment (and I have all 3 current gen consoles and a huge collection of racing games).
Superb online (you are not able to set up your own public lobbies though, so it's best to play it with your mates or check out the official website forums for other people to race with). Good online community of mostly friendly and clean-racing people.
Handling is superb and the racing is great, even off-line where you have access to a rewind button that lets you go back and correct mistakes, just like GRID.
The livery editor can be used to create some incredible designs, if you have the talent.
This really is the best racer out there, until GT5 comes out. Just have to wait and see who's best!