A remake of the classic arcade game is coming to PS3 and XBox early 2009. Looking good too:
http://www.eurogamer.net/videos/outrun-online-arcade
I've seen the video. Looks like a lot of fun.
It looks pretty good but the key issue will be the handling - it'll need to be suitably arcadey. I also suspect it'll get boring rather quickly. It's up against pretty steep competition these days, too, such as Burn Out.
I always enjoyed people watching how they play Outrun but i never enjoyed it playing on my own.