Received this cart for X-mas in 1983. Sure, the graphics are blockier than the arcade version, but it played very well and saved me many quarters. The game isn't that watered down, aside from not having voice synthesis or graphics on the signs, and a few minor bits that didn't detract from the enjoyment.
I guess there's a bit of an Easter egg in the game, but it's nothing major. If you fall short of the finish line when it's in sight on your final lap, you see "curse" words. It's just random characters like you in the comic strips when a character swears (e.g., @#*!$@^!).
Playing this on an emulator has a quirk, when you turn off the collision detection. Each completed lap gives you bonus time, but it's possible to get "too much" bonus time when added to your already padded time remaining. It screws up and you end up with even LESS time to finish the race, to the point where you can't finish.
The other thing about the game that brings back memories is that when I started playing it for the first time, both my mom and aunt berated me saying I would make a lousy driver because I couldn't maintain my lane. (They didn't realize it was a RACING game, not a DRIVING game). :)