After spending some more time with it, MS RC is absolutely brilliant. I would have happily paid more for it if it was fleshed out a little more (with buggy upgrades, full skin editor/paintshop, track designer etc). As it stands though, it's a steal for the price. Even more so considering that you effectively own the game on two platforms for the one price.
If you like top down racers and Project Gotham Racing, you'll probably love Motorstorm RC. Hunting down gold medals can be extremely rewarding. The racing that's there is great. If you have a well populated friends list on PSN (I don't have any friends), it has a nicely integrated scoreboard/timeboard/ghosts for your friends and global rankings for each event.
The track design is brilliant...possibly my highlight of the game. When you've put in quite a few laps around each and you get into the groove, it really hits its stride. It's clear that the tracks were designed around the handling of the buggies. Once you find the racing line, it's great stuff.
On a sidenote, the ice shader on the snow tracks looks unreal. It's possibly the best ice I've seen in a game since Rallisport Challenge on the XBox
***Edit: If you enter the multiplayer game mode and add AI bots, you can set up your own races without the need for a second (third or fourth) player. It's fully featured as well with races, drift and hotlap modes. Up to 8 AI bots can be added in whatever assortment of vehicles of your choice. The AI difficulty can also be set in here between easy, medium and hard. Very cool. Apologies for any confusion with my above post. In my defense, it's not entirely obvious and I don't have a manual to read