I randomly came across this game. I'll start off by showing this:
This used to be a Wipeout 3 clone but it has come into its own now. The physics are similar enough that you won't be left in the cold if you are used to the Wipeout/XL/3 games.
Nothing else to really say about it honestly. Has some tracks, has some ships and works great with my Xbox 360 controller. It is moddable as well. Online multiplayer is supposed to be added sometime in the near future.