Gran Turismo

The Good
Very realistic handling, while still being accessible.

A ridiculously large selection of actual real-life vehicles. Most games had between 3 and a dozen before GT came out with a hundred and change.

Also, it's largely responsible for the current import car craze, including the American youth's awareness of Japanese sport compacts (Subaru Impreza WRX, Mitsu Lancer Evolution, Nissan Skyline), and their subsequent import into the USA.

The Bad
It's hard to nit-pick a classic :). It would not stand up well to today's racing sims in terms of graphics and features, but its more modern iterations (i.e. GT3 A-Spec) would.

The Bottom Line
The perfect game for racing purists who are into street cars. But do yourself a favor and pick up the newest version.