It's absolutely atrocious! The PS2 version may look nice to look at, but it's a pretty horrible game to actually play, unfortunately. Very poor controls. I was pretty disappointed after trying it, it's not worth playing at all really. It's too bad that it has two exclusive tracks; it would be nice to play them in a playable game.
On a related note, the 32X version of Virtua Racing may be the best one, particularly if you have a Japanese or modded system and the Japanese version so you have the only version which actually saves your times and such... but the Saturn version's better than people give it credit for, it really is. I know most people seem to dislike it, but I don't. Sure, without a racing wheel it's not much fun (and the game does NOT work with the 3D Controller or Mission Stick, remember), but if you do have the wheel, it's great! It's more of a sequel than a port, but I like the numerous added tracks and the circuit mode. The 32X version might be better if you want to play something more like the arcade game, but the Saturn game is a pretty solid racing game too.
For one weird V.R. note, I do find it quite weird how the 32X, Saturn, and PS2 versions of Virtua Racing each have exclusive added tracks that don't appear in any other version. All three games have the three tracks from the arcade game, but on top of that the 32X and PS2 games add two new exclusive tracks each, while the Saturn game has 7 exclusive tracks added. I know that the Saturn game was by Time Warner Interactive, not Sega, which probably explains why those are exclusive to that version, but it is a little odd that the PS2 version didn't bring back the 32X tracks at least... but of course, with controls as terrible as that games' are, it doesn't matter.