I downloaded this last night. It's pretty great so far. Visuals are just amazing. In game graphics are great, and there are shots when you watch a replay where it looks totally photo realistic. Online is actually pretty fun, and an easy way to make money. It just sucks that there is no voice chat, and you can't be a host and invite friends. I guess that will probably get added to the final game next year. I look forward to the damage being added in the fall, finally.

Is the driving "fast" like in Burnout or is it "smooth but slow"

It's the most realistic driving simulator there is. It's not an arcade style game like Burnout. I actually have both of those games, and love them both equally for different reasons.