Looking pretty good!
I'd focus more on the feel of controls, and consider what should happen when there is massive speed decrease, such as when hitting something. If that happens, particularly very near a ring, it is VERY difficult to get back into that ring, let alone back into the race.
With regards to more obvious problems, it appears that the "Invert Y" option is working opposite to how it should be? In order for it not to invert my Y, I had to keep it checked. Additionally, in some instances, when my plane is stopped, it can start spinning uncontrollably, never getting back to normal again, forcing me to restart.
Keep it going!