You hit me where it hurt, man.
I'm a HUGE Top Gear fan. I played that game top-to-bottom on every difficulty multiple times over. That said, seeing a spiritual successor made by another Top Gear fan is great, though the upgrades add one of Top Gear 2's only endearing qualities to Top Gear 1's gameplay, improving the formula substantially.
The only complaints I have are these: 1. Turning is a little too tight in the beginning, making it too hard to pass cars you're trying to get around. Corner turning is fine, but maybe loosen the turning on straightaways to make it easier to maneuver around vehicles.
2. Don't care for the music. It's not horrible, but for one it lacks the charm of the original Top Gear game's tunes, and for another, I don't care for techno.
Those complaints are minor quibbles, though. This is a well-built game.