Good
The game graphics are cool, there is a lot of room for improvement here, but hey, it's a 3D flash game, so I guess is more than complicated here, but there is no excuse not to put a progress bar of the map, or a map, a speedometer... a more interesting HUD overall.
The sound effects are nearly non-existant, no engine suond, no buttons sound, no narrator, there is also a lot of improvement room here.
The music fits more in a "Driving Miss Dasy" kinda racing game, it should be more oriented towards a futuristic sci-fi tecnological hovering hi-tech cars racing game like this one :P
The gameplay is very nice for this kind of game, I have played other racing games and this one is very good in that aspect. Comparing it to F-Zero or Wipeout is natural due to its theme, design, etc, so your game will always be "not as good as f-zero", kinda difficult to be objective here for most people. But objectively, the AI is not that good, this alowed you to pick the hiPower/lowHandling car and just go forward being a little careful not hitting the walls and win easily.
Street Fighter 3 New generation comes to mind, like Capcom always did, the next, and the next afert that one will be huge improvements.
Looking forward to to xpr2 (and 3) I expect to see boosters, kickass music, more sounds (!), more cars, characters, and maybe some story :)