The game looks quite ready, the graphics are good, with lots of detail - particles, dust, race trails.
There seems to be some great physics inside but yet again we saw a PC not the real Playstation 3 hardware.
The chap said that the game runs at 30Hz but still the gameplay was ok, it is a fun game where you can show the finger to your opponent if he doesn't behave nicely.
We didn't hear anything about the availability of the real Playstation 3 hardware but at this time there don't seem to be any real consoles knocking about in London, not even for the fancy developers. µ