Oh, that is a cool effect. (Particularly when it doesn't cover the wheels, like from 0:09 to 0:15.) Any idea why the back wheels do this while the front wheels don't?
I do notice that the game smoke seems a lot more billowy and unreal than this video - partly because the smoke just doesn't look thick enough to me, but partly because it's all one color and thickness. Dunno how easy it would be to copy the 'stuttering cone' effect with the smoke trails, but I suspect it'd look cool.