With everything on, Racer looks amazing. With everything off, it still looks pretty good. The box and manual say it requires an ATI-compatible card, but I have heard reports of people getting their Voodoo 2 and 3 cards to work. All of the cutscenes are rendered beautifully in 3D graphics. While it doesn't look as nice as the movie, Racer is based on, it looks very good compared to most games.
Every planet has it's own cutscene, and there is also a cool opening movie.
The sound is great. It sounds best if you get yourself a pair of good speakers, but it is great nonetheless. If you listen to what everybody says, you can get a few good laughs. If you didn't get that, it's from Episode I. Controls InputSprockets uses a non-standard interface, and not very many joysticks or gamepads work with Racer, for some weird reason. Personally I haven't been able to get my GamePad Pro USB to work with Racer, even after trying USB OverDrive as a last resort.