For context, I am primarily a racing game player and have played just about ever racing game available. Including ones previously made by the developer Slightly Mad Studios.
Physics - Not bad. Feel like straight port of the physics from their previous NFS Shift releases. They're not on the level of some of the better racing sims out there, but not awful either.
Graphics - Again, not bad, but not great either. It runs at 30 fps, so it's never going to look as good as Forza or GT5. That being said, it looks better than many other 30fps competitors on the market now.
Gameplay - This is where this title goes from a 7.5 to a 3. As others have said, the career is at times impossibly tough, even for a very experienced online racer such as myself even with the settings on easy. Other times (mainly in the beginning) the AI is so slow and bad it makes the game incredibly easy even on the hardest setting. The game also forces you to go through these events in a pretty linear fashion to unlock tracks and cars for use in other modes. Which will make it all but impossible for most people to ever fully unlock all the content.
Overall - The game is close to being very good, but unfortunately the negatives so far outweigh the positives that it makes the game almost pointless. I really liked the game for the first couple hours, then the career got in the way.
They didn't make this game as good as need for speed or gran tourismo. It starts you off with the worst type of racing cars. Which is the first Ferrari race car that a drunk would drive since the steering is horrible. Then if you choose a newer car it doesn't change except for a slight difference in speed. In my opinion this is a horrible remake of need for speed.