It seems to be getting pretty decent reviews on the Play Store although that doesn't always mean anything. I have a Nexus 7, debating on getting a 'cheapie fix' as I haven't looked into getting this for my PC.
It's okay, the cops are frustrating because they don't seem to bother anyone else but you which can ruin your race. Lamest thing about it is when you buy mods they only last for a single race so if you don't win its money down the drain and you have to buy them again.
I have it installed on my tf101 (not supposed to be able to) and it doesn't run at a high frame rate at all, and it seems I'm getting more force closes now. But from the reviews it runs smoothly on the devices it's intended to be used on.