Yes! I loved Powerdrome too, and I was very good at it. It took me a long time to fully get the grips with the game, the great secret is to get used with the "shield" system. If you put your shields at maximun you'll never crash at walls, but you will always go too slow. Lower your shield and you'll have no protection against walls, but will be able to fly at a blazing speed. If you used low shields in easy sections and high shield in harder sections, you would be fine.
I hope they keep the good gameplay in the sequel. That's another game that could use some real good 3D graphics.