From a non-fighting game player, it's eh
There are only 8 characters available initially, though you can unlock others by playing but no one knows exactly how they are unlocked as of right now
It limits you as to how much you can play, even against the computer by using tokens which replenish...
Yeah, with it on the PS3 a lot of the work is already done. The engine is done, car models are done, tracks are done.
It's more about tweaking and adding some new cars/tracks and shouldn't take nearly as long if it will be on the PS3.
Blinking red light means it's overheating.
One thing to try is remove the plug from the back and wait an hour or 2 and then try again. If it works you can get the disk out in all likely hood.
If all else fails you can open it up and get it out yourself by taking apart the blu ray drive.