Really looking forward to this.
A friend of mine runs hit-reset.co.uk and I write articles for the site from time to time. The website is a sideline to his day job which is working for a big social media company where he gets to meet studio reps and review the latest games, today he was hands on with F1 Race Stars and said it was shaping up to be a brilliant game. It plays just like Mario Kart but has an F1 skin and F1 inspired weapons and power-ups. Bernie's rain during races idea has been reproduced as an in-game weapon
The tracks are licensed, races start on the actual start grid but as can be seen in the trailer above things soon get wild with big loops etc.
There is also talk of DLC with classic cars and drivers.