I've done some cruising around and the first two championships (as well as the first three licenses, I guess), and I'm enjoying it.
The handling isn't great, but so far it doesn't seem significantly different than the first game. My only real complaint is that the cockpit view pans back too quickly, so tiny adjustments of the wheel with the controller causes the entire view to jerk back and forth. Oddly enough they don't have that problem with the exterior view - odd only because I found the first game nearly undrivable from behind, kind of like Gran Turismo.
Don't like the new GPS, though. I could have sworn the previous game let you tap a single button to set a new waypoint. Now if you want to set a waypoint to somewhere you haven't been, you have to click on it, disable your current waypoint, and then hit A and scroll down to set a new waypoint. It's clunkier than it should be.
The island looks great, of course, and I love nighttime racing away from the urban areas as I think the game handles headlights pretty well. Peeking in your rear view and you get pretty much pitch black.
Cutscenes are hilariously bad, too, but they aren't as frequent once you get past all the intro stuff.