I changed all the settings to MAX or highest they will go and upped the resolution to 2560x1400, the game still seems very easy for my PC to run, it never drops below the 75 fps frame limit I set and it looks much better now. The only thing that looks not so great are the textures, they seem kind of low res, but mostly it's a nice looking game for what it is.
I had good fun playing last night, I discovered most of the enemy's cars are very different and mostly more fun to drive than the magnum opus. But I get the feeling the magnum opus will improve when it becomes more powerful.