Great Job! I remember playing Excitebike at a mates place when i was 10...man I'm old. You've managed to capture the feel and atmosphere of the game pretty well :) right down to the painfully hypnotic 8 bit NES soundtrack. Now i know why my parents always told me turn the damn thing down. Funny how these things never bother you when your a kid.
It'd definitely be great to see you guys polish this one up a bit. (i.e. edit the tracks so they run a little more smoothly and don't allow people to get stuck forcing them to reload the game lol) and maybe add a little more to the jousting aspect of the game :)
All in all, a great effort.
Now make it better! :D