There's a decent video from EuroGamer's Expo with the developers explaining some of the game's unique features, ethos and the spirit behind it, 'future-retro' anyone?
The key points:
WipEout uses an experience system to get new ships of which there are 20.
Plays head-to-head against PS3 - eight players on any systems
Take your own photo to taunt other players when you're winning