My take?
I completely love it! Yeah, it's a steal! It's more than double the original game, with new modes added, 8 normal tracks, 4 zone tracks, new plane models, the detonator and zone battle modes, etc. Even the new campaign mode is 80 events vs the 86 events of the original. Crazy.
I really like the new tracks - they are so much smoother than the old ones in terms of 'driving line' - the old ones sometimes felt a bit counterintuitive and never felt quite right for the ship I was flying. The environments don't always look as pretty, but the track itself is often really cool looking with the transparent and multi-coloured floors and the stuff (like hundreds of tiny planes or a big cruiseship) going on in the background. The new music tracks they added are also brilliant. Have to look up what that one track I noticed in particular is called, it's perfect for this game and really rocks (and is great in 5.1)
I really like the Zone battle - I loved the original Zone mode, but perhaps I loved the graphics about it the most, so I'm really happy we get two new game modes to play in, and Zone Battle is multi-player to boot. It's fairly simple and doesn't seem chaotic at all. Detonator is also a nice new distraction, in that you shoot at mines and bombs. There's also an interesting trophy for that mode, though I don't think I'll manage to get that anytime soon.
(haven't tried yet though)
And of course Eliminator mode is great also, and really makes sense for this game. I love that they added the ability to flip your ship backwards on this and fly the other direction. Nothing like suddenly turning around and unleashing rockets on a number of people chasing you.
For me, this update makes Wipeout the most like what I loved about the original Wipeout on PS1, and I couldn't be happier. I only hope - however unlikely that seems - we'll get a new Wipeout someday with a new flying model which is a much more complex physics based affair where you can make a bigger difference with your steering over just having to hit those accelleration pads.
I also love the new pixel animation menu stuff they added, looks great.
I didn't notice many framedrops, but I do think you see the resolution dynamically dropping a little more than in HD.
If you already have Wipeout HD, this is a steal. There are few expansion packs that add more than 100% of content to the original game! If you don't have Wipeout HD yet, this expansion kit is a reason to get it. And we *must* get a B3D crew together to play this online. It's a lot of fun to play this online especially with friends, and the new Zone Battle and Eliminator modes are great additions.
The only downside I can think of is that an update this big should probably have added double the trophies as well.