Update: I was unfortunately not aware of Shamus Young's severe criticism of Fallout 3 available here to link in the original piece and I regret that. It dovetails rather nicely with what I've written and it's much better executed than my piece. I strongly recommend anyone...
The Good: Great graphics for it's time, a lot of races to do, rally races are fun, you can tune up cars just like real life
The Bad: Feels nothing compared to today's GT games, doesn't have as much content as most racers these days, due to it's age it doesn't feel like a racing simulator anymore, no car damage
I remember playing GT1 to death back when it first came out. I never got a chance at GT2 but now after playing it I realized what I missed out on. Of course it feels nothing like a simulator these days, but you can still feel it seeping through it's age. While GT2 doesn't boast a lot of races or modes like in GT4 or 5 it still holds it's own ground. With the introduction of rally races and a new lineup of cars GT2 it a really good racer. Of course you can take your tests, wash your car, and tune them up just like with today's GTs. While the cars are before the new millennium it's kind of cool to see what was popular back then and how things have advanced. While the graphics are nothing to today's standards GT2 was one of the few games that pushed the PS1 to it's limits. You HAVE to play GT2 if you're a racing fan regardless.