Could be interesting, the online elements of Midnight Club Los Angeles was similar to this and great, pretty much the only bit of the game that was (too harsh?).
Loved the way you hit the 'online' option and nothing appeard to change on screen until some dude came hurtling past in a Golf GTI with bizzare tiny wheels and a swastika on the bonnet.
And you could just speed round winding up people who were having an actual race, getting in their way and generally griefing them. Or of course you could find an actual race if you fancied, until some t**t started getting in everyone's way.
Shame I didn't get on with the 'constant drifting' style of the driving engine though, otherwise it would have been a great game.
PSN : <not telling>