Well
Nintendo themselves won't put out anything like GT3. Why? It's not their style. They base their games solely on fun, not on Realism. As far as racing goes, 'Cube isn't doing too well as of now. Here are your only bets:
Wave Race: Blue Storm - Great game. Once you get used to it, it is fan-freaking-tastic. The controls are hard to get used to, and it's very very difficult, and your friends won't like it at first, but it's great otherwise.
SSX Tricky - Again, a great game. Easier to pick up and play than Wave Race, and lots of fun. The tricks are crazy!
Extreme G 3 - A really cool futuristic racer. It is often overlooked, but it is a lot of fun, and quite a good game.
Super Monkey Ball - The monkey race in this game is EXTREMELY fun, and even though there are only 6 tracks, there are powerups, four player play, and it's just plain fun. That's what counts.
So for regular racing fans, that's it right now... we could include Cel Damage, Crazy Taxi, and Simpsons Road Rage, but they aren't really racing games... but upcoming we have:
Ridge Racer - This series almost never goes bad... Namco won't let it.
Donkey Kong Racing - It'll be unique. Let's say that. And it's made by Rare... it should fare well.
Mario Kart - 'Nuff Said.
MX - Excitebike 64 on cube? Not likely... but it may be good.
Hot Wheels - The one on N64 was surprisingly fun
Jeremy McGrath Supercross World - Unsure how this one will be.
Smashing Drive - Half Racer, half crazy taxi. Looks fun though.
And of course, there are the unanounced games that will pop up, and games I didn't even mention because I forgot about them. No GT3 quality games, but quite a few look fun. Mario Kart is a guaranteed million-seller... and Donkey Kong Racing and Ridge Racer should turn out well. Not the best racing console (in fact, possibly the worst), but there is some promise there.
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