Very cool! I loved how fluid it feels. Perhaps as a testament to how well you used the low resolution, the game is actually much more readable when I decrease the screen size a lot. Loved that my ride sounded like a fat synth.
I think the screen could be made less busy by only showing times when going thru a check point, and perhaps losing the minimap in favor of rally-style indications of upcoming corners. Also the ship could have a better contrast with the track, the colors are very similar. I also messed with the strafing a little and managed to somehow "off-center" my driving permanently, which I'm not sure was intentional.
Amazing entry, very interesting.