Parents, other then the subjectively seedy and unsavory feel the night-time races take place between what seem like gang members, there aren't any real issues of violence or profanity in Tokyo Xtreme Racer. Though I still wouldn't describe Tokyo Xtreme Racer anywhere near wholesome.
Dreamcast owners who always wanted to feel what it would be like to rip through a highway at the highest top speeds will like Tokyo Xtreme Racer. But don't expect much else out of the game because it is severely lacking in features and options. More hardcore racing fans who like their cars to behave more realistically will be turned-off by Tokyo Xtreme Racer's light physics and lack of real diversity in the unlicensed vehicle selection and handling.
More casual racing fans on the other hand, who like games like Ridge Racer and Need For Speed, are bound to be more impressed with Tokyo Xtreme Racer.