From my experience with the last coddies F1 game it will be very buggy. Do we have any further details on this?
Right now for karting games on the PS3 you have GT5 for serious racing and a great game called Modnation Racers.
This offers total customisation for the Drivers, Karts and Tracks. Basically if you can imagine it then you can build it.
However the game I think everyone will be going crazy for will be this little gem:
This will be the next Karting game I'll be getting and it looks fantastic.
Unfortunately for you Xbox owners its not available. Buy yourself a decent machine!