I loved this game! I thought it was just absolutely sick! The crashes rocked, music rocked, and the overall feeling of speed was amazing. Burnout Revenge is one awesome game.
On Live, you get to race against real people. It was fun knowing that i was racing and winning against real, thinking people. You get to build up your reputation, racing score, and get new faster cars. It's alot of fun. You get points for take-downs(a.k.a. killing people, making them crash), and then they try to get revenge on you. And it's everyone for himself. Like no hold's barred death racing. THATS SWEET!
You can also try doing a contest to see who can rack up the most amount of damage. Like driving your car into oncoming traffic, and causing explosions with oil trucks, rail trains, buses, etc. The person who racks up the most amount of damage in cash wins.
Overall, I had alot of love for this game. I found it fun even months after I bought it. The races are a bit difficult, and many times you find yourself so frustrated you can't achieve a better time, or that you can't quite get the Gold Medal for the track. (Need ALL gold medals for achievement) Challenging, frustrating, but overall a great game.
Try it out, if you haven't yet.