For a licensed game, it certainly looks better than I expected. Good graphics and framerate, some nice animation work to give the drivers character. We've seen some dreadful licensed kart racers over the years and they were all easy to spot from a second of video, but I'm not seeing problems yet outside of maybe some questionable handling that I'd have to play to see if it was badly done or just arcadey and balanced by its own rules.
...Not $40-better than I was expecting, but maybe $30?
I was wondering, as others have in this thread, if this was maybe a redo of a previous game's engine? But the developer (Effecto Studios, in Colombia) is its own entity and contains guys from Immersion Studios (the semi-promising but now gone studio behind the CellFactor: Psychokinetic Wars tech demo/game.) Could be that they licensed the F1 Racers engine, but then there's supposedly a Vita version and Codemasters didn't do that platform with its own game. Either way, good on them for putting effort into something that would otherwise be treated as junkware.
FYI, Efecto also has a few prototypes in the works, including an arcade-style StreetRacer for PC/Tablets that looks a little like Burnout (...maybe more like Asphalt) and another game where you play as a realistic spider in a tree. They also launched an iPhone game called
Grabbity.
STREETRACER
http://vimeo.com/81426472
ARANEA
http://www.efectostudios.com/?p=21
(this one, I like a lot and want to see completed!)