The rain certainly can look stunning. The snow not so much perhaps. Only thing I'm not keen on is the external view 'rain on the camera' effect. It looks nice, but impedes visibility too much IMO (not as catastrophic as snow at night, however). I did a very similar (but *much* cheaper/quicker/hackier) effect in kz:m - was very careful to keep rain drops away from the centre of the view for player visibility. DC seems to revel in making it hard to see, what with this, the exposure system, etc.
I do wish they would change one aspect of the physics: if you ram into a wall it is generally fairly lenient as you bounce off, but if you scrape along a wall at a very shallow angle, you bleed speed ridiculously quickly. I've lost close to 100mph from very slightly misjudging a turn and 'brushing' the wall on an exit before, you can very easily loose 3 or 4 places on some of the higher speed point to point races. It encourages people to just ram the wall and bounce off.
I think it is done on purpose so that for once people who drive cockpit view aren't forced to change views to stay competitive? And I remember having been in snow like that, it is crazy. Everyone goes back to about 40km/h where you are allowed to go 120km/h.