If you even remotely enjoy racing games, then you owe it to yourself to get a good wheel and at least these:
Le Mans - Amazing! GFX are up there with the best on the 'new' consoles.
F355 - You will think you're playing on an XBox. 8)
Metropolis Street Racer - Sooooo much Fun!
Bleemcast with Gran Turismo 2 - GFX are way better than on the PS1, and runs at 60FPS, high-rez, anti-aliased! Worth double the price! Controls wonderfully!
and for some alternative fun...
18 wheeler - funny stuff.
San Fransisco Rush 2049 - awesome arcade racer.
Crazy taxy 1 & 2 - both are great.
Oh, and all this at the price of a few games on the other consoles.
Oh, and be sure to grab a VGA box, and run these on a VGA monitor. Xbox, GC, PS2, eat your heart out!
Go for it!