no, it doesn't
please have a look at the high-res, non photoshoped pictures at gamersyde.com - the cars look good, but everything else is flat and low res
but the graphics don't matter that much in my opinion, they are good enough for me, but what really turns me off is the gameplay videos that were released (see here), especially the one with the Koenigsegg looks horrendous (*ugh* @ 1:10-1:31) gameplay wise