People here are comparing it Wipeout. I've never actually played a single Wipeout game in my life, but I have played F-Zero GX. BallisticNG very much reminds me of F-Zero, even if it is a very different game in terms of its basic mechanics.
The game is very challenging: having two separate sets of brakes, adjusting your pitch to the incline of the track, a boost button that allows you exchange your energy for speed, and having to deal with Mario Kart style weapon pickups all at the same time while going at incredibly high speeds. Despite all of this, the game never feels overwhelming. The devs did a good job at making sure the earlier races in the campaign are forgiving enough that a player won't get frustrated right away, while gradually upping up the challenge as you progress.
There's many visually distinct levels, all of which are fun to both look and play on. The games visuals are basically PS2 level, but in a good way--the graphical fidelity is high enough that the game is pleasing to look at, but it still leaves quite a bit for your imagination to work with. The game performs like a champ as well.
The game also runs well on Linux via WINE.
It is one of the most enjoyable arcade racers I have ever played. It resonates with me in a way only a few games, like F-Zero GX or Burnout Revenge, ever did.
Highly recommended.