I got this game several days ago (on the PC) and although it doesn't work with my steering wheel (MS Sidewinder FF) it's still pretty fun with a gamepad. Had issues with a few other NFS titles too, so I wasn't REALLY surprised.
I'm finding it's quite a bit of fun being the cops. I don't know if it's because it's a little different than just flat out racing or what.
Don't really have a fav car, but there is a few I like more than others: 911 Targa RS (the GT3 RS is basically the race version), McLaren MP4-12C, Lamborghini Gallardo LP 550-2 Valentino Balboni, Aston Martin V12 Vantage, Ford Shelby GT500 (a ton fun to drift in). Just about all the cars are fun in one way or another, kinda sucks that Ferrari didn't want to license their cars for it though.