This is the game that made me believe that the PSone really was a new generation beyond the Mega Drive and SNES. Neither of those consoles could have produced the amazingly smooth and blisteringly fast graphics and then coupled that together with a fantastic soundtrack. Along with Worms, Wipeout is probably the game that I played the most on my PSone. After getting over the steep learning curve the game really opens up. I just think of it as a more mature version of Mario Kart and like that game I have played most incarnations on a variety of systems.
I would be interested to play this now on the PS3 to see how it has held up. But it is probably best to leave it as a memory and when I want to play it, just stick on Wipeout HD instead.