Ah this is so nice, I was maybe 16 or so when this was released, I was only a demo user then but really enjoyed online racing still.
No wonder this got me into drifting since the physics seem to be just for it + the 45 degrees of lock. With proper FFB the car practically recovers itself it's almost impossible to spin!
Oh and if anyone is wondering why there is no proper HD resolution in the game options, it's no problem. Just open cfg.txt with notepad and find the line "Screen Info 1 0 XXXX YYY" and write your desired resolution there. I myself at least got widescreen resolution 1360x768 to work with "Screen Info 1 0 1360 768".