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I'm not a huge racing fan. I like my racing fun and unrealistic. Every gen I try to have two racing games...last gen easily burnout 3 and f zero gx. One of those games this gen is Excitebots. Fast fun, wacky, unrealistic, and plenty of stuff to do. Mario Kart Wii has its merits too. Based on my interests, Ninty has the best. I get my racing quota. 

In terms of overall quality I'd have to go with Sony. Motorstorm, GT5, and Modnation is diverse and high quality(barring load times of course). 

It all depends on your interests and how much you love racing games. If you are a causal racing fan, one or two high quality titles can suffice. If you love racing a bit more, three or four is needed.