Thanks a ton for the suggestions guys. I ended up getting a copy of Wipeout, and let me just say, it's freakin' sweet. I was a little afraid it was going to be a boring F-Zero type game, but it is so much more. The style and presentation is the biggest turn on for me. I love the way it looks and sounds. I haven't really gotten into it yet, but after the first couple hours I'm really diggin' it.
One thing I think is really great, that no one mentioned, is that you can download more tracks and stuff from the website. I love this concept because its like getting a free expansion pack.
Maybe some day I'll look into NFS or RR... maybe by then GT4 will be an option too.
