You can create your own races. start, finish, and markers. These are all configured with the server configuration.
As ransom said, we have decided to include some dog fighting for those of you who's trigger finger is starting to get itchy. Basically everything with planes and helicopters works perfectly, so it should provide for some really intresting and fun dog fights. (trying to dodge homing missles anyone?)
The racing by itself is incredebly fun i think. The dog fighting is just iceing on the cake. It is really insanely fun to be flying hydras with 4 or 5 other people with homing missles flying every direction... dodging, doing loops, and flips trying to loose the guy tailing you...
If you have a lot of questions, i deffinetly suggest checking out the blog, you can find a lot more technical information there.