Patch 1.2.0:
New stuff:
Split times have been added to every track and to the HUD for Race events.
Added base black skins for all craft.
HUD now displays indicators for Mag Lock sections and Splitstreaming.
New shadow system, better looking shadows all round and more efficient too!
Elimination is no longer based on completing laps, instead it now sports a funky new timer, don't be in last place when it hits zero!
Multiplayer now supports Speed Lap, Elimination & Endurance game modes.
Multiplayer Race, Clean Race & Speed Lap now have a "countdown to race end" timer which begins when half of the players have finished.
Multiplayer results screen now has a "countdown to return to lobby" timer which begins when all players have finished the event.
When crossing the finish line in multiplayer, players now turn into spectators until all racers have finished, then the results sequence begins!
Spectators now see the entire race hud for the player they are spectating.
Clicking on a player's name in the player overview section of the lobby will now open up the player's Steam Profile page.
Opening the steam overlay in single player events will now pause the game.
AI pilots now have unique avatars relevent to their teams.

Changes:
Midtown
Track mesh has been cleaned up.
Cleaned up Lighting & Shadows.
Cleaned up a couple of inefficient materials.
Cleaned up a couple of inefficient meshes around the track.
Tweaked AI race line to improve AI times.
Fiyah! Fury
Added a train to the ravine.
Cleaned up a couple of inefficient materials.
Cleaned up Lighting & Shadows.
Added animated excavators around the track.
Track mesh has been cleaned up.
Fixed up some problematic collision areas around the track.
Cleaned up Night Lighting.
Cleaned up a couple of inefficient meshes around the track.
Freeway
Cleaned up Lighting & Shadows.
Added collision volumes to some problematic areas on mirrored variants.
El Muro
Cleaned up the shanty buildings & materials.
Track mesh has been cleaned up.
Cleaned up Lighting & Shadows.
Cleaned up a couple of inefficient materials.
Cleaned up a couple of inefficient meshes around the track.
Mannahatta
Added flying cars around the city.
Added animated assets to some rooftops visible from the track.
Cleaned up Lighting & Shadows.
Bloom no longer devours the entire screen, you can see again now at night with the tank equipped!
Cleaned up a couple of inefficient meshes around the track.
Reduced the amount of rain by 75%.
Atlas Torres
Added a couple of cosmetic flags around the track.
Cleaned up Lighting & Shadows.
Niagara
Track mesh has been cleaned up.
Added a couple of animated assets to the underground tunnel.
Fixed a couple of meshes from clipping along the waterfall & underwater tunnels.
Cleaned up a couple of inefficient meshes around the track.
Trans Atol
Cleaned up Lighting & Shadows.
Fixed up some problematic collision areas around the track.
Cleaned up a couple of inefficient meshes around the track.
Garage
Reworked lighting effects to be more atmospheric.
Disabling video billboards has been changed to disable all video assets, this may help reduce loading times for players with slow hard drives.
Build version number in the settings menu now contains time and date of the build.
Tutorial menu now displays the menu path correctly.
Race setup now supports up to 999 laps.
Reduced airbrake drag for the F4000 class.
Energy Bolt base tracking raised by 10%
Energy Bolt base speed raised by 23%
Dragon top speed reduced by 6km/h
Dragon acceleration reduced slightly.
Reduced initial impulse of boost charge on all craft.
Lobby details now displays if collisions are disabled for Clean Race.
Tweaks to collision settings on walls to stop craft getting "glued" to walls.
Gauss cannon will now target mines aswell as other craft.
'Double Drop' card for Mines now reduces damage by 30% instead of 20%.

Bug fixes:
Fixed a bug causing the music selection screen in the settings menu causing a slight stall when opening.
Fixed a bug which caused one of Mannahatta's loading screens to be blank.
Cleaned up a couple of inefficient materials which were used globally across all tracks.
Leaderboard widgets no longer display 1st position twice.
Campaign & Multiplayer events no longer set lap times for F4000 speed classes when not in that speed class.
Fixed a bug in the main menu which caused an average 10-15fps drop at all times.
Fixed a bug which sometimes caused the Map Voting videos to not display correctly.
Fixed a bug which sometimes caused the Map Voting display to not appear at all.
Fixed a bug which stopped the "Hide HUD" option in the settings menu from working.
Fixed an issue which caused craft headlights to constantly cast high resolution shadow maps even when the headlights were turned off.
Fixed a crash which happens whent the post-race sequence is left running for a long period of time.
Changing selected craft in the lobby will now un-ready the player.
Changing the game mode in the lobby race setup menu will now correctly reset Collision/Loadouts enabled options.
Fixed a bug which caused the map vote to be difficult to see your current selection when all maps had recieved a vote.
Fixed a bug which caused post-race AI to not work correctly for clients in multiplayer.
Fixed a bug which caused the controller to vibrate like crazy after a client has finished an event in multiplayer.
Fixed a bug which caused the spectator cameras to shake after a client has finished an event in multiplayer.
Fixed a bug which caused Ghost data to be recorded when the game is paused causing huge ghost files.
Fixed a bug which caused an fps drop when completing a lap in Time Trial.
Fixed a bug which caused the "back" UI sound to be played when navigating through cards.
Fixed a bug which caused the "confirm" UI sound to ignore UI sound settings.
Fixed a bug which caused the Main Menu ambient music to ignore the music volume setting.
Fixed a bug which caused the track arrows on Altas Torres to face the wrong way.
Fixed a bug which caused the Energy Bolt to steer in the wrong direction when fired backwards down a track.
Fixed a bug which caused the manual camera in the skin/loadout selection screens when in the lobby from not working.
Fixed a bug for spectator mode to sometimes display the incorrect lap count of the player you are spectating.
Fixed a bug which sometimes caused the Main Menu to lose all UI when failing to join a lobby.
Fixed a bug which sometimes caused the lobby to lose all ambient sounds.
Fixed a bug which caused speed lap results to be incorrect for the last player to cross the finish line.

Known Issues:
The post race camera shake appears to still happen on rare occasions for clients during the results screen.
Trans Atol preview video is a bit glitchy during the first few frames.
Spectator mode plays the "3-2-1" countdown sound when joining an event in progress.
Spectator mode can be a bit glitchy in elimination events.
Endurance mode in multiplayer has a 3-lap limit.
A hotfix will be rolling out tomorrow to address some of these known issues.