Essentially, this game takes the asteroids mechanic and applies a race track to it. Instead of shooting rocks, you're trying to quickly navigate the course.
It reminds me heavily of games like Galaxy 5000 or Super Off Road, both NES classics. The controls are weird at times, and while I understand that the cars are supposed to be "hover-vehicles", the floaty way the cars just drift around the course make controlling them ungainly.
One bug I noticed was that if I went off-road and drove past the goal line, I couldn't just swing back and cross; I had to go all the way around the track again to complete the lap. I imagine this probably has something to do with preventing you from taking the short route in the off-road area and claiming incredible lap times, but it is problematic, especially considering how wonky the cars drive.
Lastly, both the graphics and text are -tiny- and with HD monitors rapidly becoming the standard, such miniscule characters strain the eyes and aren't really acceptable. Two solutions would be to use a larger stage to allow for larger graphics, or maybe grab vCam (google it) so you can zoom in on the action and follow the car around the track.
Not a bad idea, and while not very original, it is executed well.