Chris Blackbourn (formerly of Acid and Bioware) was at the Auckland Game Developer's meetup tonight showing the work in progress version of Skidmarks 20th Anniversary Edition.
(Apologies for the bad quality photo)
Car physics feel just like they did, currently the background is still pre-rendered but the cars are rendered in real time. He had dozens of AI cars racing around at the same time and like the original it looks like it'll be geared for very social play - joypads, keyboards and even smart phones were all used as controllers.
I don't know any more about it at this stage sorry, hadn't seen it before tonight!