Ok here's the story on Midnight Club 3.
The customization: good.
The racing: boring, extremely, insanely repetitive
So in a brief summary. You will play the game for a little bit and then lose interest due to lack of motivation. I had rented this game and after playing it just to see some of the better cars I downloaded a game save. Still wasn't impressed so I took it back. Please don't even try going on the Gamefaqs message boards and say something bad about this game or you'll get your ass flamed.
For crying out loud, it has one basic type of race. It's a checkpoint marathon! Everyone claims its so much better than NFSU2, and all they can say is that its "more diverse, and NSFU2 was too limited". Even though NFSU2 had sprint, circuit, auto-X, drift, and drag races....not to mention outruns.
Sorry about the rant, but I'm so DAMN TIRED of hearing about how awesome this game is, when it sucks so much dick.