Here's a developer diary from the team at Bugbear Entertainment, currently working on Ridge Racer Unbounded. There are cars, they go fast and the level editor they show off looks like a great execution. They also released a batch of screenshots which you can view in our gallery.
Ridge Racer is a series which never captured my interest as a participant because, as with most racing games, I was utterly abysmal at it. That didn't stop me from staring in rapt awe over the arcade machines (so shiny). Unbounded seems much more my speed, as bringing combat into racing games means I don't necessarily have to be good at the racing part. I'm keeping my eyes on this.