Turn 10 claims it will create a radical new experience on and off the race track. You can use Kinect to walk around your living room checking out the car from all angles, even kneeling down to look under the bonnet. You can get into the car, lean forward to look at the dash and check out the interior by moving your head around.
On the track, it says the races run at 60FPS and it looks like you control the steering with your hands floating in mid-air (not sure that sounds like much fun.) You can also look around by turning your head. Looks good, but I think we'll reserve judgement till we give it a try.
Not much info than that. The footage should be online shortly!