There's no new Virtua Racing out there, but Rozz Games has the next best thing with SPGP: Super Polygon Grand Prix.
The Outerhaven writes: SPGP Super Polygon Grand Prix is an upcoming indie racing game in development by Rozz Games, determined to pay home to 80s and 90s arcade racing games.
This game actually looks goods
Really had me confused with Virtua Racing for a moment :)
This and Super Retro GP are both really well made games by a couple of super small teams. I will say though, the quick jerking motions of the steering in this one are a bit off putting. They need to be just a bit smoother. Overall though both are pretty fun.