The Dreamcast version looked way better than that, it was pretty much arcade perfect in all ways. I'm a little dissapointed in the PS2 conversions of Dreamcast games, as they all tend to look horrible when in motion (this one looks a little off in the stills too) Other games I've seen converted poorly are Lemans 24hours, and 18 wheeler (good God was 18 wheeler terrible compared to the DC version)
On the up side, the Dreamcast version ran perfectly. It was difficult to get used to the driving in it, but after a while it was like second nature. The only glaring flaw is how it handle collisions with the wall (which it acts like an arcade racer, and not a sim racer like it does with the driving) All in all, it's a cool game.