Mesk, there is no need to remind me about the value of gameplay over graphics. Look, I am the biggest Ridge Racer fan you will ever meet. Period. I have invested enough time into the Playstation RR games over the years(ie thousands of hours, literally) and if their graphics bothered me that much I would have stopped playing them long ago.
But let's face it, PSX technology has not done their games any favors in the cosmetic department. The RR games are ass-pimple ugly. I am not a graphics whore, but I am a framerate whore, and after putting so many hours into Revolution, Rage and RR Type 4, am just about done with 30fps racers. If there was a hack or something that allowed them run at 60fps while maintaining their proper game speed, I'd play them more often. But if it's between the PSX RR games and the arcade ones plus Ridge Racer V for PS2, then I'm going with those, since they run at 60fps.
Besides, I have not had the chance to really sink my teeth into Rave Racer. That is why I'm having so much fun playing it now. That City course is sublime, and it was good to finally play it after driving the PSP version and seeing where the inspiration came from.
As for Full hardware acceleration, Ziggy makes a good point. Newer 3D Mame games would benefit tremendously from it such as Naomi, Model 2 and 3, etc. Would be great to see it supported one of these days.