This is a shot from Hover, a racing game I started in May. I submitted a
one-track demo to the Independent Games Festival back in September; since then
the project has been on hold.
You can see more screenshots and download the demo here.
The terrain is a heightmap, created with my editor. Those little vehicles are
hovercrafts, and I encourage you to try the demo, because their physical
interaction with the terrain is probably the coolest aspect of the game.