As one of the smaller Technic sets, this set doesn't have too much to offer in the way of funcionality. However, it is a very good all around set for its source of parts and small amount of gears for larger models.
The main model is a nice looking red and black formula one race car. The only real moving parts that it has are the wheels. When the steering wheel is turned, the front wheels move. The back wheels can also roll. (I'd hope they would.) Aside from that, it is mostly some Technic beams and plates that build up the body.
The front of the vehicle has a 2x3x1 slope brick with a very cool "28" printed on. The body is just like a normal race car, although it doesn't look as aerodynamic as some other Technic ones. The back spoiler is supported by two red 2x1x2 bricks with the same "28" logo as on the front. That is about it.
The alternate model is some sort of stock car or one seater sedan-looking type thing. It has functional steering and is actually quite ugly. It is no real change from the main model except that it has a different body design. Both sets overall aren't too impressive, but it is nice to have them for the parts.
I forgot to mention that this set also comes with eight wheels. They are doubled up on the main and alternate models, so you might not be able to tell from pictures. The wheels are good for creating your own models like a moon rover or two go-karts.