I got this from Amazon on Wednesday and have spent a bit of time playing it. Initially I thought the game was awful, but that was due to my starting the game without waiting to see if the patch was up-- I thought the U.S. version came updated.
Pre-patch, the game was choppy and had a terrible sense of speed. I thought I was playing the iPhone version; it was awful.
After downloading the patch and the DLC, things got much, much better- it's a solid 30FPS and feels very fast. Game play is typical Ridge Racer. It's been a long time since I played RR7 so I'm not sure if this is new, but you can now take any car and adjust the drift type, plus apply upgrades, so the small amount of cars doesn't really matter.
What does feel lacking is the lack of tracks. Only three initially, plus two more via the first DLC pack (thought it was supposed to be three, but only two were downloaded). Five just isn't enough, but the game is slick and the online integration with the menus is awesome.
This is the kind of game that needs to be bashed for its lack of content, but at the same time what is there is solid and good. Even with the lack of tracks, I still like this more than Wipeout.
Would recommend purchasing if you're fine with the Scamco DLC system.