Picked it up PS3 at lunch and started playing it. It is most certainly closer to an arcade racer than anything.
Quick thoughts:
The framerate (or blur?) makes things feel a bit off, but after a minute or two I got used to it.
Ralph is a jerk when the CPU controls him.
I don't get how the planes work, at all.
The tracks are fucking incredible so far, and the returning ones look nicer than I remember.
Metal Sonic is a cheap, empty victory.
World Tour mode is much more fun than a standard GP, even if it's basically the same idea with mission mode mixed in.
The framerate was jarring to me at first too, but i adjusted within minutes
Also, been racing as Sonic on hard mode, used default fast Sonic and i kept crashing into walls, default Sonic's handling is baaad
then i leveled up and unlocked balanced, which is just 1 speed less then default, and everything went much smoother, much better handling and honestly felt like I was going faster since I wasn't going into walls a lot.
Also helps to feather the gas to get around curves, so you dont crash into walls, crashing into walls cancels the boost you gain from drifting.
edit: after getting used to the game default Sonic is better, much faster, but starting out was really hard to get used to at first, but now i prefer default Sonic