This game was considerd revolutionary due to it's 3D feel and the use of Nintendo's infamous "Mode 7" wich enabled amazing 3 Dimensional effects (well at the time). It's still among my favorite SNES games and by far my fav game in the series.
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I have this game but don't play it too often. I imagine if I started playing it when it was first released it would have meant more to me, but I didn't start playing it until late in life, meaning after playing the N64 version. The Nintendo 64 version would have to be my favorite in the series. I so enjoy going through races attempting to destroy as many opponents as possible. I just wish there was a even harder difficulty setting, because even the most challenging mode is easy for me to triumph over. I found the Game Cube version a little too difficult.
As for Super Nintendo racing games, I always enjoyed Top Gear and Mario Kart the most.
F-zero was a very, very addicting game. Although I agree, out of place, especially compared to something like the N64, it seems lacking.
The N64 version is the best. If you've been lucky enough to not play the Gamecube version... don't. It was pretty lame, especially compared to the almighty F-Zero 64.
GBA version (the second) was pretty good, just nobody actually played it.