I'm currently playing Need For Speed SHIFT on the PS3. It's pretty good but it takes a lot of work to turn off all the silly music.

UPDATE: It's actually really good, but it's much harder to control than your standard arcade racing game. Supposedly not as complex as Forza or Turismo though. Online play is kind of fun but everyone seems to have faster cars than me. They're probably cheating somehow. :)

UPDATE 2:  Online NFS races are sort of frustrating.  A large percentage of people seem to think they are playing demolition derby, which I suppose is the racing form of griefing.

Most online races are the same:  Half the field gets wiped out at the first turn because they don't slow down after flooring it from the starting line, which usually causes a huge pileup to avoid.  (It's fun to watch from the back though - cars and dust go flying all over the place.)  If you survive that you're pretty much within 1 or maybe 2 positions of your final position, because it's almost impossible to overtake anyone that gets more than 10 seconds ahead of you.  (For me, at least; I'm convinced my top speed is throttled somehow.)  Your only hope is that the people in front of you will miss the corners while you nail them perfectly.

If you're unlucky enough for someone to overtake you later in the race, most of the time they aren't content with merely passing you - they go out of their way to knock you off the road and end any chance that you'll make the podium.  One time I was going around a sharp corner with a guy right behind me, and I swear he tried to T-bone me at full speed.  (He missed and crashed into the guardrail instead hehe.)

There aren't enough people hosting games apparently.  I'll leave one lobby to find another and half the time it picks the exact same lobby again.  (You have very little control over which games you get into.)  This is a major problem because a lot of people choose to host ridiculous races - like where you have to drive a super-powered Maserati around on a tiny circular track meant for Yugos.  (It's like watching popcorn pop - everyone slams into the outside walls and flies up in the air.)

And this is especially annoying:  I can't find any way to turn off the idiots with headsets.  There's always one guy with a headset in the race carrying on a conversation with... nobody.  And they always sound drunk or stoned out of their mind.  Gah.

I guess what I'm saying is that online players are still dorks. :)