SRS Racing seemed like a great idea a year ago when Atari was making it. Use actual manufacter parts, get your car Dyno'd, actual damage to your car, racing for cash, women, and cars. Sounded like fun! Then it was delayed a year later and Namco bought it.
Pros: Parts you can put on your car, damage is kinda cool, the cars themselves don't look too bad.
Cons: Car feels sluggish, when you are going 140mph you wonder if you are even going 60mph, random other things that I don't feel like getting into.
conclusion: Rent it. Buying it will be a waste of money considering it's 50 bucks now, just wait and the price will drop dramatically.