Yes and no. It's a more similar to Burnout Revenge (see: shortcuts) but it still has the speed, the frenetic racing, and the takedowns that have kept in the series since Burnout 3.
It's got no crash mode worth mentioning, which sucks, but on the other hand it's free roaming with a massive and beautifully crafted city, and shitloads of shortcuts and jumps and things.
Oh and the inclusion of a classical soundtrack as well as the generic regular music was sublime.
It's not as good as Burnout 3, but it's a more than worthy successor. If I could give the last few main burnout games percentage ratings, it'd be something like this:
Burnout 3 ----------- 94%
Burnout Revenge - 90%
Burnout Paradise - 89%
While I think the free-roaming city is amazing, the graphics are glorious, the cars are fast, the missions were addictive etc etc, the lack of crash mode just drags it down.
Still, when you can get it for 12 quid it's more than worth it.