Plays like absolute junk. Horrible handling makes it feel unwieldy as hell and a weak sense of speed. See I could live with that if it was were a sim and realism was key but in many ways it's trying to act like an arcade racer. It splits the difference between the two and ends up failing at both. It's not fun for simple high speed racing - PS4 desperately needs something there - and falls short as a sim in a world where GT exists. I'm not a gear head so I can't say I really paid much attention to the graphics.
The reason I got the game for free is my friend got it bundled with his PS4 and gave it to me and said it was the worst racing game he'd ever played. After seeing positive reactions on GAF I gave it a shot but I found myself agreeing with him. This was all recently and post-server issues too, nothing online related.