Okay sorry for being a bit late, but me and bro have been playing pretty much nonstop since yesterday evening.
This is a great game. I liked the second one, but this improves on everything in my book.
What's different from last time is that as you start out you're sorta guided trough the tournaments via a calender, and you play per seasons and years. Following this you make your way pretty nicely trough the game, but it's possible to not follow the calender if you like. You gain cars that are handy, but sometimes you gotta do a bit of upgrading and tuning to get ahead.
Earning money is easier then in the second game, but it's not too easy. Also you can of course upgrade your way trough the game, BUT at some points you can't where you get to the class specific tournaments. Then you can only upgrade to a limit, and that's often not enough. No you have to tune your way trough these tournaments more often then not, and even then you often can't relax too much during a race. I quite like it, makes you work on your actual driving skills more.
The maps are great and gorgeous. Favorite so far is Fujimo Kaido full lap which is up and down a Japanese mountain. Loads of fun
Cars are great. I was surprised at how much the Ford Focus RS ins a force to be reckoned with, but it packs quite punch and is a great platform for upgrade. Just tonight I was rewarded the Chevrolet Camaro SS 2010...and it's wonderful. Perfect blend between muscle car and sports car. My brother has upgraded the hell out of his and it's still great. For me it was worth getting the game just for this car.
Graphics overall are great, nothing more needs be said really.
The paint and vinyl editor is great. With paint you can now blend your own shades which makes for a kickass tool for special colors. Bro whipped up a Bumblebee paint job Camaro with production Camaro stripes as soon as he could and it looks fantastic!
Achievments are way easier and quite fun for some.
As for it being a bit more arcadey...yes a bit. But on the other hand you have more options to make it more challenging. And for purists you can play with manual with clutch.
If you like racing games I'd say check the full game out. So far I don't think it's hurted by being played with a controller (which you can set up to an insane amount btw).