Flatout2 is an awesome racing game! I didn't play this game when it was first released, but I have played Burnout and PAIN on the PlayStation3 since then, and funny enough, this game is obviously a precursor to those games. Flatout2 was made several years ago, so you can get it for a cheap price, and can play it at max graphics settings without any trouble.
Flatout2, as you might guess, is simply an improved version of the original game Flatout.
The physics are basically as good as any other racing game I've played. The levels are beautiful and filled with plenty of obstacles to cause destruction. More serious racers might consider all those obstacles more of an annoyance, instead of a real challenge. If you get tired of racing on courses, the game has several side-games, or stunt events, where you launch your driver out of the vehicle and use the rag-doll physics for bowling, darts, high jumping, etc. Honestly, I think its more silly than fun, but it also has derby events, which remind me of the old classic Destruction Derby, where you drive around smashing vehicles with hopes of being the last man standing.
I don't have many pro's or con's about this game. It seems like it was probably well ahead of its time when it first came out. I highly recommend this for anyone who likes racing games.