Just got done playing SEGA Classics Collection for 2 hours.
Virtua Racing: it rocks! I played 2 arcade modes -- the original three tracks, with 60fps and better overall use of color and shading. Then I played Gran Prix, which was a real treat! You get your F1 car but by placing well in the multi-course race, you get points and unlock other vehicles. The only car I've unlocked so far is F1 with "70's style acceleration", which means you rocket from 0 to 160 in a few car lengths! But the car isn't quite as fast overall. The racing "feels" just right. Smooooth!
The gran prix shows a couple new courses, which you can also play in free mode. The city level from the 32X VRDeluxe made it into this game, although I wasn't sure if it was exactly the same because the polygonal city and roadside is much more "filled in" and complex. I think it's the same. There is a new Island and a Canyon tracks too, that looks like it is all the new ones, but I'm not positive.
What I really like about Virtua Racing is it has harsh penalties for mistakes. If you graze an opponent, you both wipe out, causing nearby opponents to pass you up. This makes the game very challenging and a white knuckle affair when it comes down to the final lap and you are trying to pass the last 2 cars around a curve ... you must be very careful!
I breezed through the first Gran Prix race (4 laps each, I think there are about 5 or 6 total races). First place in all of them. But with the 2nd car, I came only came in 1st place one time. Bump up the music 1 notch to hear it better, play around with those 4 crazy camera angles, enjoy this game!