Since I've been asked let me share with you my impressions of these two
titles, since I own both and have followed their development pretty closely.
 For those curious, I follow both series (watching every race) and I've also
gone to the Skip Barber Intro to Racing school at Laguna Seca, where I had
the pleasure of roaring around the course in a Formula Dodge open-wheel race
car for 90 minutes, so I feel qualified to say things about real race cars
and how they feel, though of course not at the order of magnitude of an Indy
Car or Formula One car.

I'm going to avoid doing feature lists here because they are boring, take
forever to write and are easily available everywhere games are
reviewed/previewed.  Let me just tell you what I liked and disliked about the
various parts of a racing title.

GRAPHICS:
F1:CE's graphics are higher resolution than CART's, but they are darker and
moodier in a way.  The tracks are stunningly rendered and are up to date, and
perfectly done.  They are exact replicas of the real tracks in every way.
 CART's tracks are also beautiful and realistic, but they have been tinkered
with a little bit to make them more drivable in some cases (the road at
Laguna Seca has been opened up a bit for instance).  The frame rates are
smooth in both games, but in split screen, CART looks smoother.  However,
since most of the time people play in one-player mode, 

EDGE:  Formula One: CE.

CAMERA VIEWS:
There are now cockpit views in each game.  Neither one has rear view mirrors,
but both have "look back" buttons.  You can also go from the nosecone all the
way back to the outside and behind the cars.  The F1 cockpit has nothing but
polygons in it, and no instrumentation, but you see the driver's hands on the
wheel turning it and the cockpit is light sourced so you see the lighting
inside the cockpit change as you turn.  The CART cockpit is more textured,
but no moving hands or anything.  You also get a tachometer, gear indicator
and rev limiter in the CART cockpit.  Similar information for F1 is displayed
outside the cockpit high in the corner of the screen, so its there, just not
actually IN the cockpit.

EDGE:  Formula One: CE  but almost a tie.

REPLAY:
CART has replayable races -- for short races I've seen the entire replay
recorded (even with analog controls).  F1 has NO REPLAY. Its been completely
ripped out.  So if you drive in cockpit view and you get bumped, forget
seeing it in replay.  CART will not let you see the "last n seconds" of what
just happened, either, but you'll see it when it rewinds to the beginning of
the race or however far it goes back.

EDGE:  CART

SOUND:
Both games sound great.  Engine sounds are better in F1, and are improved
from the original.  There is more of a surround effect in CART using a new
X360 technology developed by Sony and currently exclusive to this game.
 There are also cheering grandstands in both games, as well as soundtracks.
 Commentary is provided by Murray Walker and Martin Brundle in F1, and is
less repetitive, but obviously sooner or later it gets old.  There is sparse
commentary in CART -- most of the voices are radio calls to you.  You also
get radio calls in F1.

EDGE: Formula One:CE

DRIVING MODEL:
The driving models both have arcade and simulation mode. I'm not the most
qualified to eval the two modes, but I did play them briefly.  If you like
powersliding you can do that in F1's arcade mode, but in both cases I think
the novelty of arcade racing wears off quickly.  There are better titles in
each category than these two games for arcade racing on the Playstation.
 Where these games are meant to go is the sim gamer.  In each case the
driving model is excellent.  However, if you have a d-pad, I don't know why
you're even reading this review...go away until you get an analog control,
because lets face it...steering a car with taps just doesn't cut it, and
there's no excuse not to at least get the dual analog pad for $29.  The feel
of the cars going over the curbs, 

the feel of the car going loose and correcting it, the skid marks on the
ground, the sense of driving on the limit -- its there in both games. You can
tune each game's car setups for optimal handling for each track, but only
Formula One lets you actually save some 20  setups to a block on your memory
card and restore them for future use.  However, both handle very well and
both are fun to drive.  Oh, one more thing:  the front wheels in F1 start
glowing red inside from cockpit view under hard braking, whereas you see
smoke come off CART's front wheels as you lock 'em up under braking.

EDGE:  Tie.

CONTROLLERS:
Both games support all the controllers out there, but CART lets you customize
your controllers. F1 does not.  You can only calibrate your controller in F1,
and deadspot selection is completely missing.  Further, F1 makes you use X
and Square for gas & brake even if you're using the dual analog pad.  CART
lets you use either (at the same time even).  

EDGE:  CART

FRAME RATES:
They both run smoothly, but because of the lower resolution, CART runs more
consistently smooth with less draw-in than Formula One:

EDGE:  CART

RACING 
Ah, where it hits the road...so how much fun is it to race?  How realistic is
it:?  Well, here's where we start drawing lines in the sand.  In Formula One,
you qualify in a 60 minute session in which you're allowed 12 laps (counting
your warm up and cool down laps).  Unfortunately, you may not change your
setup during qualifying (contrary to real life) and when you enter the pits,
even if you hit X to stop fueling immediately you still get some 20+ laps of
fuel thrown into your car -- not cool when you're trying to do hotlaps!  The
pitting sequence in F1 is downright poor.  Not being able to change the
setup, having to wait til your car stops to get a menu, and then only having
a few precious seconds to frantically work the controller before everything
is locked in and you're stuck with what you got?  Its mistake prone and its
stupid.  CART, on the other hand, lets you select your options while you're
under auto-pilot down pit road, including wing & tire changes.  You can stop
refuelling by hitting the gas after the other changes are done.  Smooth,
efficient, no problem.  EDGE in pitting goes to CART, simply because F1 is
absolutely incompetent here. Now further, in that 60 minutes of qualifying in
F1, you cannot accelerate time.  So if you go out and get the pole, with 50
minutes left, you can sit there with your 20 laps of fuel and watch other
drivers circulate for an hour of real time or you can exit the session -- but
don't be surprised to find yourself at the back of the starting grid as all
the other drivers used that 50 minutes to wipe your sorry butt off the pole!
 Ouch.  In IndyCar you get a flying lap alone on the track to try to get a
good grid position, and you're done.  Not realistic to the real sport (at
least when you're on street or road courses), but then at least you can
practice in the practice sessions and get to the point where you can lay down
one good lap and then go racing.  You can also restart if you screw up.  EDGE
IN qualifying:  CART!

Racing:  F1 ads the flag system to warn you when you're being naughty and
hitting cars.  In both games cars can fly up in the air and take damage when
the settings are set appropriately, and you can truly be taken out of a race
by an accident.  One problem in F1 is that if some backmarker rear-ends you,
don't be surprised if you BOTH get the warning flag...and if you get rammed
enough you'll be DQ'ed by a black flag, so you have to drive smart.
 Fortunately the AI is smarter in this version of F1 and the cars generally
are good about passing you and being passed.  CART seems challenging, but I'm
not sure the AI is as sophisticated.  Edge: Formula One: CE

WEATHER AND OTHER OPTIONS:

In F1, you now  have variable weather, so it can get cloudy and start
raining, then dry up, making you make some fast decisions.  The crew will
advise you as well and you can come in and change tire types (slicks
(hard/soft), wets, monsoons).  I haven't seen much weather effect in CART,
but it may be just because I haven't looked for it yet.  Also, consider that
CART has ovals, so weather isn't an issue -- you just flat out do NOT race in
rain on an oval.  For # of tracks & drivers, each one has a good supply of
realism.  There are only 10 tracks in CART, but all of them are real and well
done.  There are 18 tracks in CART (one more than in the actual season
because of some confusion about which circuit would get the last race this
year).  All the drivers in both games are current.  Villeneuve is missing
from F1 because of licensing issues (can you say Michael Jordan behavior?!)
but he's in the game, complete with his V style helmet and statistics, and
you can rename him or any other driver.  You also have reliability issues
with slower cars (see how far you can take Damon Hill's Arrows car!).  You
can also add yourself as a driver and join whatever team you want in CART.
 Noticeably absent is the EA-licensed Michael Andretti, but his Newman-Haas
teammate, Christian Fittipaldi is there so if you have a hankering to drive a
Swift you can drive the red K-Mart car and be his teammate.  Also, CART
supports 1-4 players, including even a 3 player option with a
linkup/split-screen combination!  The frame rates look good.  Oh, one more
thing, in Formula One you have an OPTIONAL  tearoff system.  As you drive,
dark translucent polygons will cover your helmet until you get aggravated
enough to tear off a layer of plastic with the triangle button.  If you want
realistic distractions, you get them.  Also, F1 allows you to see your
telemetry showing you a complex graph of your lap graphing throttle, brake,
speeds, gears, etc.  However, this is window dressing because its completely
useless.  You can't compare other laps' graphs, nor can you change what you
see, nor can you overlay a track map and see what happened in each section of
the map.  I.e. its realistic, but useless .

Edge:  Formula One: CE

PRACTICE MODES:

Thankfully, each game includes a practice mode where you can do any number of
laps around a track.   In Formula One, this is really cool because you can
turn on a special racing line which has patches of reddish asphalt telling
you where braking zones are, and Martin Brundle calmly describes what's
coming up next.  So you can learn the names of the curves and how fast they
are.    He'll keep calling it as long as you keep driving it.  This is a
whole game mode so you can just go in and work on laps and save your setups.
 If you do the practice that's part of a race weekend, keep in mind that
exiting to alter your car setup ends the session, so do your practicing in
practice mode and save the practice mode of a race weekend for when you just
want to warm up!
CART lets you practice infinitely as well, but there's no instruction on the
tracks.  You just have to learn by doing (my advise:  Turn damage off for
this one!)  On the other hand, you can pull into the pits and make some setup
adjustments in the pits while practicing in CART, and can restart a  session
anytime you like.

OVERALL:

You're probably expecting me to give F1:CE the nod based upon all the
categories it has the edge, but wait...there's more:  having the greatest
feature set in the world doesn't help you if you release a product that's
buggy, quirky, unpredictable or just downright annoying in its design.  The
fact of the matter is, that based upon several hours with each product, CART
is the more solid of the two sims.  Any attempt to assess the quality of
F1:CE is like trying to rate the Mona Lisa as a painting after its been
vandalized.  You know its great, but you can't truly appreciate it because
the blindingly obvious flaws keep interfering.  On the other hand, CART moves
somewhat faster, albeit at a lower resolution, and exhibits a more usable
interface, and adds the mixture of ovals, road courses and street courses
that CART is known for.  I enjoy both titles, but the thought of dealing with
F1:CE's problems for an entire race season sours me on the thought of doing
it.  So instead I just contemplate doing exhibition races where I just do the
best I can and try not to miss the stuff they yanked from the last version or
screwed up in this year's version.  This Mona Lisa has indeed been
vandalized....and they took away almost as much as they gave.

So I have to give the overall edge to CART.  Some will disagree, and some
will want one or the other because they are a fan of one series over the
other, and that's fine.  No one loses.  But when push comes to shove and I
want to race and have only myself to blame for my mistakes, CART fits the
bill better.  I'd rather race that than pull out my hair screaming at a
company in England who put implementing tearoffs and useless telemetry graphs
higher on the priority list than fixing a very quirky and buggy qualifying
interface with non-configurable controls (and yes I tried the NeGcon, Dual
analog and Mad Catz wheel).

MIRRORS:

One more little rant.  Neither game has real mirrors.  You have "look back"
modes.  Can someone please explain to me how you implement a split screen
mode for 2 players but can't give the one player cockpit a mirror?!  I've
read the explanations from Bizarre on this and sorry guys, but I don't buy
it.  I'm not even asking for a complete rendering of the scene behind me in 2
mirrors.  All I want to know is the answer to the simple questions:  Is there
anyone behind me, and what side of me is he on?  If I'm screaming along at
200 mph towards a hairpin I find it NECESSARY to know whether a guy is coming
up along the inside or me trying to outbrake me into it so I can change my
line!  Having to guess where people are is ridiculous and completely
unrealistic.  At least in CART the surround sound is implemented in such a
way that you can tell what side of you someone is on and have a sense as to
what they are trying to do to you.

EDGE: CART -- but they both flunk out on this one, as any Skip Barber
graduate will tell you.

Bottom line:  CART by a  nose.  If Psygnosis would recall and re-release this
game with the problems addressed it would easily beat CART, but not in the
shape it actually shipped.  Too bad.

/Randy