Blender Game Engine Air race
We recently featured another air race kind of game, but this on has much more eye-candy. And believe it or not, but it is made with Blender3d 2.49b's game engine.
You can have a look at the development of it and download some old versions of the .blend over at the Blender artists thread. But don't expect visuals like above, as the awesome Blender artist Martinsh just recently started to overhaul the graphics like that.
So where is the catch? Well licensing is a bit unclear...