There are a few racing modes in this game. There is a Single race mode. In Championship mode, you compete in 16 different sequential races. The Time Attack mode is basically a practice mode. Finally, in Match Race mode, two players can race against each other (via horizontal or vertical split screen).
Let's see, F1 World Grand Prix, sounds like a Grand Prix game to me. Uh yep, it is. You get in an Indy car and race. The best thing about the game is the customizability. You can very the amount of fuel you carry, the type of tires you use, the angles of the front and rear wings, the gear ratio, the suspension, the brake sensitivity, brake balance, steering, and the transmission type (auto or manual). Other than that, you just race.