Just picked up the 3DS version and played a race. I think the true test of a portable version of a console title is if players who are great at the console version are able to race just as good in the portable version on their first go. Since I consider myself a skilled player when it comes to the 360 version (not record breaking good, but still good), I got right into the game and found the default controls to be about 90% perfect when compared to the console version. I was able to navigate the course with ease, made all the right drifts, hit rival racers with weapons on my first attempt. The only niggle is the trick system, which to be fair there aren't a lot of trick locations in Seaside Hill, so I've yet to really perfect that. I have a feeling that the other control option (triggers for gas and drifting) will work far better for me.
Graphics are great for a 3DS title, some of the best I've seen from a 3DS SEGA game. Even the characters are well rendered. The tradeoff, though, is the framerate which is neither high nor consistant, but it doesn't break the game for me. I mean, I've yet to see it grind to a halt or screw me over.
There are concessions made for the portable platform, as others have noted that some music has been trimmed from tracks, but comparing ASRT 3DS to ASR DS it is night and day. Still not 100% true to the console version, but way way more close than the DS version of the first game ever was.
I do like that the 3DS gets some of the Wii U bonuses, like the second map screen and the Mii car. Seeing as how I own the 360 version, the 3DS version is a great companion as it has stuff that the 360 version does not and vice versa.
So far, not a slam dunk like the console version, but still a fun handheld version that has yet to really let me down.