I also played a bit more, and it really isn't as bad as I first thought. The mechanics seem fairly decent for this type of game and the world seems like it could be quite entertaining.
Visually, it's a bit better than I first thought as well. The level of detail is pretty impressive at times, though I still feel that 2002's Wreckless DOES look more impressive (they both have full shadows, large cities, accurate reflections, and complex geometry - SR offers better texture detail while Wreckless CRUSHES it in terms of effects, lighting, and framerate). That really remains the one serious issue for me. I tried to ignore it, and at times, it doesn't really get in the way, but the framerate *IS* low. When the action heats up, you enter a building, or anything interesting shows up on screen...the framerate slows to a crawl. It was so low at points that I would have been reaching for the options menu and cranking things WAY down if it were a PC game. I'm hoping that the final does run better, as the current performance is just too low.
I like some of the little details, though. In particular, I noticed that they keep the music thumping when you jump from a vehicle. With 5.1, this is actually quite a nice effect (it even emulates distance well).