I spent a few hours last night playing the XBox version and it's growing on me, but not as quickly as Burnout3 did. I guess it's because when I first played Burnout3 I wasn't expecting anything special, but I've been looking forward to and building up Burnout Revenge in my mind for months now.
The bad:
The new Traffic Checking mode is pretty lame; it's fun for a minute, then slamming into innocent traffic and watching them pile up gets repetitive. Everytime you hit a car time gets added to your clock, so it goes on for a long long time.
They changed Crash Mode a little too much; it uses a golf style power bar to determine your initial speed and the boost icons etc. have been removed. When you hit Retry it painfully zips back to the starting point in slow motion.
The overall look of the game is more crusty- like the track textures are a little too detailed and there's too much shadow everywhere. It detracts from the arcade feel of the previous Burnout games.
The music is bad. I know a lot of people hated the Burnout3 soundtrack, but I thought it fitted the game very well. What we have here is more indie rock again, but a lot of the time it's a bad down-tempo remix of a song. They've thrown in a little electro to mix it up a little, but the tempo is too low for how fast paced this game is.
The good:
Getting revenge on someone that took you down in a race is sweet!
Jumps are cool.
Alternate track paths are nice, though sometimes challenging to navigate.
The DJ is dead!
The undecided:
The menu is a little confusing to navigate, now there are leagues represented by hexagons which contain various events which are each rated by various stars. You need to get five stars in each event to get perfect. The stars seem to be awarded based on how you place in a race and how aggressive you drive.
Can't speak for the PS2 version, but the XBox version does have LAN support.