And, although I seem to be the only one going on about this, after extensive screwing around with the latest version of this mod I have to say it's amazingly good.
Can't compare it to v1 since I never got around to trying that one, but this is a really solid production from just about all aspects. A pleasant surprise for my ears was that the sounds of the cars are not a clipping, distorted mess and that the samples actually mix seamlessly, there are no moments of "hey wow, I got two engines" when going from low to high revs.
Also the UI is so clean and nice - a far cry from the cluttered, confusing, over-bevelled mess of the original GTR2 UI.