Firemint first demoed Real Racing back in August 2008 but has continued their hard work on it for these past 6 months.
Our own Eli Hodapp has been playing with an early build and called it a "technical masterpiece". He's been spending more time with the game, and we'll give you a full report when the game is released. In the meanwhile, here's the latest trailer for you to watch again while you wait.
Update: App Store Link