I don't like modern racing sims all that much, I'll admit it. I've never been all that passionate about cars, and I think that's the reason. In many ways modern racers are designed for people who love cars as opposed to people who love games. Formula Racer, however, is a game that harks back to the days when realism meant nothing. And I really enjoyed it.
Formula Racer reminds me of games like Pole Position, when racing games weren't about physics, or racing lines - it was just about going stupidly fast and trying to maintain control. About waving inbetween ridiculous amounts of cars and boosting to the finish. Of course, since it's in vogue, there's an arbitrary level up system, but it's as simple as it gets and doesn't detract from the racing itself.
It's a great distraction for those that, like me, are more partial to old school racers.
Formula Racer [Kongregate]