Yes I pretty much blew the whole weekend racing it. The actual NASCAR racing is not too bad either.
"Best EVAR" is obvious hyperbole but it's pretty dang good.
Compared to the EA F1 series + mods it has a much better multiplayer mode. Chat lobbies and race finder is built into the game. There is a driver rating and rank system built in as well. Another nice thing is a maximum latency feature that automatically kicks warpers. I didn't see anybody doing major warps all weekend.
Sound is higher quality than most of the F1 mods I have tried. Although the default F1 Challenge sounds are hard to beat, the ETCC and M3 sounds are lacking IMHO, just because of the quality of the samples.
Graphics are definitely better. It uses a lot more features on the new graphics cards. Things just look a lot less "grainy", and the lighting effects on the cars are groovy.
Race tracks are very similar in appearance and features. Like F1C, tons of tracks available for download.
Physics. Both sims are pretty awesome. I think I like the N2003/TPTCC physics a little better just because I have been playing Papyrus sims since 1988, so I'm biased. The TPTCC cars are a nice balance. You have power oversteer on demand like in GPL, but they are front engined with huge tires so you can catch slides easily. FFB has a more "damped" feel than in F1C, which makes sense considering Trans Am / NASCAR cars have power steering.