I tried the iPad version yesterday. I didn't want to spend the money and risk not liking it.
It ran really well on my iPad 2, and looked pretty good. Whether or not that translates to Windows Phone is another story. Based on the videos I've seen it looks like it does. The thing that always irks me about bigger developers like Gameloft is that they invest a minimum of effort on optimization. They hide behind the spectacle of licenses and flash, hoping no one notices that the game runs like crap. Asphalt 7 is a fun game, but it should be achieving the near 60fps of the iOS version.
I don't have a problem with the fake cars, as long as they're creative and look good, which they do in Drift Mania. And I'd rather have game with fake cars than an average one with real cars.
Unfortunately, the thing that kills Drift Mania for me are the controls. They're way too twitchy and poorly implemented. I played with settings and it helped, but not enough. I eventually got the hang of it, somewhat, but it didn't really feel like drifting. It felt more like sliding around on ice.
I have the impression that they were trying to go for realism. Normally I'd like that approach, but then normally I'd be playing one of those games with a controller or a racing wheel. Realism and tablets or smartphones don't quite mix.
I will add that the game has gotten consistently good reviews, so my experiences might be unique to me. You'll get more out of the game once you get past the learning curve.