"Project cars" is a pretty poor name, but I like the idea of this game being developed alongside the public and also being funded by fans of slightly mad studios.

Slightly mad were the team behind "NFS Shift 2". Which was a pretty good game that soon became an amazing game with the PC mod community fixing the handling bugs etc.

http://www.youtube.com/watch?feature...&v=E2YLhXplu2k

http://www.youtube.com/watch?feature...&v=4NSjfaSw4_M

Take into account that these videos are mostly pre-alpha footage.
The final game will be out on all platforms some time next year.