This was, as I recall, a pretty good arcade machine. You got to drive hot-hatches like the Mk1 Golf, Fiat Panda and of cause the Mini Cooper - the British Leyland one, not the tank sized BMW one, and a smattering of Italian supercars.
Club GTi was as close to taking part in the Italian Job without actually being Micheal Caine as was human possibly. And that includes the nasty Italian Job games that were also released.
It's called Club GTi plus, meaning it will be enhanced before it's stuck up on PSN.
Below is a German link, but even the most German langauge illeterate amongst you could probably make out that this is due for release in November and it's being coded by Sumo, the chaps who did Outrun 2006. (Incidently, the only Xbox game I didn't sling on eBay recently!)
http://www.consolewars.eu/news/21760/gc_konami_kuendigt_gti_club_an/
I'm quite looking forward to this, the only question I have, is how are they going to do the handbrake (a fairly central feature) with the Sixaxis?
(Please god, not with the Sixaxis motion sensor!)