So I have picked up my pre-order copy and played quite a bit of this game so far:

First off the games refresh rate only stays at 180 (60 fps per image) for 30% to 40% of the time at first, but the more you play the game the more often the frame rate stays at 60 fps per image (180 refresh rate). In fact it now seems to stay at 180 refresh rate (60 fps per image) like 95% of the time now, and like any 3DS game, the 3D on & off doesn't effect the frame rate at all.

The only other 3DS game that I had frame rate problems in is Cubic Ninja in the 4th Stage on the older Firmware.

But such games as Super Street Fighter 4 3D & Zelda OoT & Mario 3D Land are 60 fps per image with the 3D ON & OFF, but Zelda requires firmware 1.2 & Mario requires firmware 2.2, just to be able to access these games.

Anyways I don't mind 30 fps when viewing in 2D but it is just horrible for 3D games & 3D movie action scenes.

So the frame rate is now staying at 60 fps per image (180 refresh rate) more then most the time now, but you have to play for a few hours on your system for the frame rate to stay at 60 fps per image for much more longer periods of time. I don't know why that is but that is how it is literally working. At least now I am finally enjoying the frame rate.

I should note that I am playing with Firmware 4.5.0-10U & with the 3D ON & wireless ON & Power Save Mode OFF 24/7.

You might be able to take care of the frame rate problem (which will start taking care of it self, anyways) by turning the Wireless OFF, but I don't want to miss out on any StreetPass opportunities within 98.5 feet of me.

The AI is perfect, I have played in easy & medium & hard, and it works like it is suppose to, all of the time.

Each time the bee swarm is use, there is 8 to 12 or maybe as high as 15 bees with each single use by anyone, and they swarm in all sorts of different ways that makes it difficult for the 7 other players in pure perfection.

The items are properly randomize like Mario Kart 7 if not just completely randomize. But it is in a good way......I mean it works just like you would want a game items to work for a racing game like these.

Some of the items where un-creative, but it's use was perfect and needed for existing in this game.

The map on the bottom screen works perfect for seeing items up ahead & coming up behind you.

There's a place for DLC but so far they haven't made any of the Add-on Content available yet.

The vehicles do fully transform but not as much as the CGI intro shows. (so I guess just only as much transformation as I've been hearing about the Home Console versions)

I should note that I have only been playing as Sonic so far and I got him at level 3 right now.

I have also played on Nintendo Network at McDonalds.....courtesy of their Wi-Fi, and the Online seems to only experience frame rate drop when transformed in Jet mode, and that isn't always low frame rate as a jet and does seem to improve as you play more.

It seems the more pimp out the track is, the more you will experience frame rate drops more often, but the worst is only your first time playing the track for each really cool track.

The graphics are definitely good, but no as good as Wii U, clearly not LOL.

But the graphics are a million times better then the screenshots, if not a billion times more better then the crappy screenshots you see on the internet.

At first the game seem boring, but now it has become really fun, and an awesome experience at that. I am already liking this more then Mario Kart 7, which makes MK7 my 2nd favorite racing game of all time now.

The 3D effect elemenents the need for a 3DS XL, just like Crashmo & Fire Emblem: Awakening (action sequences) & Luigi's Mansion: Dark Moon latest 3D trailer & so fort. And I am loving the tracks like the one from that Dream game, and the ones that take place in outer space, and the ones that give me a Hydro Thunder nostalgia.

Yeah, some of these levels make me feel like I'm playing "Hydro Thunder" again and that's a plus.

So far I have only played with up to 3 other players at a time for the 3D version Online, but that should change as more time goes by.

There is also Local Play, as well as Donwload Play where other people play as their Mii's in Download Play.

The intro to each track still seems to have Frame Rate Problem, and I don't think that is going to change, but that's only what they show before you start playing any one track anyways.

So besides frame rate problems that happen less & less often as you continue to play, the AI is perfectly correctly working and the 3D gives you an awesome experience and the graphics are 100% good in person and the Circle Pad works as perfect for this game as it does in Mario Kart 7 giving you the best Analog control for this game (shows why Circle Pad is better then Joystick, but then again what 3DS game hasnt done that, LOL)

its to bad we can't use motion sensors to steer, but I'm guessing that would have taken more out of the frame rate.

Anyways if you want to enjoy a higher frame rate (60 fps per image) & 3D on a Console then this game is for you and the graphics are 100% good (don't buy into the screenshots & trailers), but you will still see as low as 30 fps but that eventually goes away as you the frame rate drops start happening less often as you continue to keep playing the game.

And its okay to close the game and launch it again because the quality of the frame rate staying at 60 fps per image continues to improve where you left off. But the first time you play it will be at 30 fps the easy majority of the time but becomes less often more faster then you woulatt honk it would take, but eventually starts to take longer for furer improvements in frame rate as it really shrinks down how often the frame rate drops.

Seeing as the other versions have a max of 30 fps; and from what I hear horrible AI that gangs up on you, well I guess this will seem like an easy choose.

Also the Surround Sound is good, but the best Surround Sound I have heard in a game to this date is Zelda Ocarina of Time 3D.

I should mention that the 3DS does 6 speaker sound thru the earphone jack which my Headphones (Plantronics Gamecom 777) convert to 7.1 Surround Sound. And also the Speakerphones do Virtual Surround Sound, so Nintendo really thought about 3D gaming in everyway with Motion Sensors and everything. Also the DS (2004) did Surround Sound thru its Earphone Jack, like Mario Kart DS.

I have just played Rogue's Landing track for the first time by playing Rogue Cup for the first time, and during the 2nd Lap the Frame Rate drops as low as 15 fps but before you get to the final lap, the Frame Rate drastically spikes upwards out of nowhere (like 45 to 50 fps I guess), and the during the final lap I find out that practically the entire track has been changed, which makes you drive as a jet for practically the entire final lap. (I found it interesting to mention this because the frame rate dipped below 30 fps in this one case)

UPDATE:

I have been playing as Shadow & Danica Patrick & Shinobi & Nights:

Shadow & Danica Patrick Transform physically, and Nights puffs into pink smoke like a genie, but Shinobi physically transforms while also puffing out Black Smoke like you would expect a Ninja Vehicle to do so when he transforms from boat to car....so it's both at the same time in Shinobi's case, but other transformations are only black smoke it seems.

Nights is a Vehicle and not a racer but a different charecter from her game races in her, LOL. Anyways Nights isn't the kind of vehicle to be able to transform like a transformer, so maybe the non-physical transforming vehicles have nothing to do with the Home & Handheld consoles and everything to do with the kind of game charecter some of the racers are. But I have thought this since I saw footage of the Home Console versions despite what other people where saying.

The frame rate seems to never drop any lower then 40 fps when it does drop these days.

I think the secret to fixing the frame rate is to unlock more stuff......so the more you unlock in the game, the more the frame rate drop problem will reduce.

In Rival Race it's best to select Hard because it's still easy and you get more Stars to more quickly unlock more stuff to more quickly get rid of the frame rate drops.

The newer tracks I have played are really cool. This is a must get game to play in 3D!

UPDATE 2:

The game now plays at 60 fps per image 100% of the time, and there is still so many stuff to unlock.

I have max out Sonic at Level * (which is Level 6)

I have also played as Knuckles and his vehicle always physically transforms too.

And in order for me to get any further in the World Tour I need to start playing more races in Hard Mode, and more time trials in at least medium Mode.

*I'll be posting more on my review, as I continue to play*

UPDATE 3:

I have been playing with Firmware 5.0.0-11 and the game runs smoothly now 100% of the time, no lags.

I have redeem my code that came with the Bonus Edition, and got Metal Sonic & a New Track for free, otherwise it will cost you $1.99 for the Bonus Pack (Bonus Edition content).

I have played as Metal Sonic and he is my personal best character to play as in e game to handle the race the best, including time trials & boost cchallenge & etc.

I have 110 stars and working on getting 1 more for unlocking the Showdown.

I have also Level up Metal Sonic to Level 3 already.

And all the vehicles that transform, seem to be doing a lot more transforming now.

You guys & gals should watch the Trailers in the eShop that is shown in "Nintendo Show 3D". You will want to stream the Feb. 14, 2013 episode, and it is the first game shown in the 3D Streaming Video.....it gives you a good example of the 3DS version of this game.

You can now download the Free Demo in the eShop now. There are 15 uses.

I'd love to hear what someone who has played a console version thinks of the 3DS version. The console version is excellent, but I'm skeptical about a handheld port of a console game. I tried the demo, experienced a small amount of lag. It seems like the game still plays well, but it just seems better suited to consoles to me. Maybe if I had an XL I'd feel differently.

Did you play with the 3D ON and all the way up?

Also, how many tracks are there in the 3DS Demo?

And the lags do go away in the full version as you unlock more content in World Tour.

Are you sure it's 60fps? Mario 3D Land, Zelda OOT etc are all 30fps games.

Also,the Xbox 360, PS3, Wii U and Vita versions are all also 30fps games. Only the PC ver is capable of running at 60fps as far as I know.

Look at Tanooki Bullet Bills do a tail swing in Super Mario 3D Land, and also look at Bomb-ops in Super Mario 3D Land and you will see that it was actually 60 fps the whole time. Long story short; don't look at Mario, because he moves like a Looney Tunes cartoon. And Looney Tunes was NOT 15 fps.

Anyways, yeah it is 60 fps but it starts off being 30 fps the first time you play a track for 60% to 80% of the race, but the frame rate starts being 60 fps more often as more you unlock characters & tracks & Mods.

The second time you play a track in the game, well the frame rate stays at 60 fps much more often, but you will also experience 48 fps and 40 fps & 45 fps.

And it's takes at least 4 hours to never see 30 fps anymore, but you will still see as low 40 fps, but keep playing the game and unlocking more stuff and it will continue to get better.

And as I mentioned; one of the tracks the first time you play it will drop to a maximum of 15 fps during most of the 2nd Lap.

The 3D effect makes the Frame rate more obvious.

Anyways the "intros" to each track seem to still be 30 fps or even as low as 20 fps. But once you start racing, you will see the frame rate is way better during racing.

Anyways it seems that's might still be experiencing drops as low as 45 fps, but it still continues to get less worse as more I unlock stickers & Mods & so fort or maybe it's me just playing it more that fixes the problem as you play.

Anyways yeah it does do 60 fps outside of Lags & frame rate drops that start to disappear more & more as more you play or unlock.

I'm personally waiting for a new Firmware Update that's higher then 4.5.0-10U to fix what little frame rate drops it still barely has.

The demo seems to start off running sub-30FPS. It eventually gets to 30FPS but isn't stable. The graphics are sub-par, and could definitely be better if they made the right adjustments.

I played mostly with the 3D off. I tried the 3D out at various magnitudes with the demo, but it made everything feel too small which, oddly enough, made it harder for me to judge distance. This is why I feel the game is better suited to consoles, or at least the XL. As far as I can tell, there seem to be only two tracks in the demo -- the first two tracks in career mode.

@bolded, this makes no sense at all to me. I've never heard of anything like this happening before.

if you watch the YouTube video on this Link, this guy had the same experience I did, maybe you just have to play it more, instead of unlocking anything, but the frame rate continues to get way better.
http://nintendo3dsblog.com/lots-of-footage-from-the-3ds-version-of-sonic-all-stars-racing-transformed/