I played TOCA 2 tonight on Xbox Live with a bunch of crazy and cool Aussies. They were the hosts, so we ran Aussie V8 Supercars at Aussie tracks, naturally!
Some impressions:
-- Excellent racing. No change in the driving model to "dumb down" the online racing.
-- Damage model is excellent. I didn't see any terminal damage, unlike the Free Race mode, but damage does play a big role in the performance of your car. Whack your car into the barrier or a fellow driver a couple of times, and you'll have a hell of a hard time winning.
-- When hosting, you can only choose classes and cars that you've unlocked in the Career mode to use for online racing. Sort of a bummer, but it adds incentive to work on the Career mode. Somewhat similar to PGR 2, although PGR 2 has at least a couple of cars unlocked in every class at the start.
-- You can only choose the tracks available with the certain car type when racing online. In other words, you can't run Formula Fords at Laguna, only the tracks where FFords race in the Career mode.
-- Voice communication is excellent. You can talk with anyone in the race, just like PGR 2.
-- There is a 30-second time limit at the end of the race for everyone to finish. Shorter than PGR. Not sure if the limit is extended for longer races, as we were running three-lap default races.
-- Excellent information at the finish. Not only do you get the overall time of everyone in the race, but you also get everyone's best lap time. Very cool.
-- Online interface is quite smooth and easy to navigate.
-- Tons of different teams, real liveries and real drivers to choose from in the classes based on reality, such as Aussie Supercars. Autosport readers and Speed Channel watchers, rejoice!
-- There was a bit of lag and hopping with a couple of the racers. A few of the guys were bedrock; others were a bit jumpy. That could be due to the fact the game was hosted in Australia, halfway around the world.
-- You can add CPU cars to human races if you lack a full field, and you can adjust the AI strength of the CPU cars.
This game is superb. It makes me glad as f*ck that I own an Xbox.
Fire away with any questions.

P.S.: TOCA 2 Poker Night at 10:30 p.m. Wednesday night. I'll host. Be there!
Take care,
PK