Yeah it is just like a DOS game in that regard - if you don't use vsync, all the menus and loading screens are way too fast aren't they. The loading screen waiting time is artificial because if you disable vsync it only takes a second - how silly. I normally run my LCD monitor at 75Hz but to play this game, as you say, you need to vsync it to 60Hz.
The graphics while good enough, are not even as good as the Xbox versions in terms of shadows and lighting - also the grass kicking up when you go off road seems feeble in this version. With the power of the PC, they could have made an arcade perfect copy, if they'd been bothered.
I bought an original Xbox just to play OutRun 2, and if anyone else loves OutRun I recommend doing likewise - it is a very close approximation of the arcade version.