Last I heard, it was still running at 30FPS.
As for the damage modelling, it was pretty weak when I last played the game (which was September). I'd smash a car into a wall at high speed and barely scratch the paint. There's actually a couple videos of me being an idiot here:
http://media.xbox.ign.com/media/682/682857/vids_12.html ("Bad Driver") and
http://media.xbox.ign.com/media/682/682857/vids_13.html ("Tunnel"). Hopefully things have changed since then, though.
I'm also interested in seeing the way the career mode is set up.The driving model wasn't as demanding as Gran Turismo, and that's probably not going to change. But the better AI is definitely going to be nice.
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