This video shows gameplay from the last known prototype. It features 4 characters: Crash, Dingodile, Polar and Land Shark. All of them are complete, and the gameplay mechanics, items, and mods are in full working order. There is only one track, which is named Happy Woods, but it appears to be finalized as well. Crash's voice clips are re-used from Crash Tag Team Racing, though this was likely provisory.
Here are some animations that show Crash doing a couple of mid-air stunts. It also shows the Land Shark's special biting ability, as well as a couple of him squishing Crash (perhaps indicating plans for co-op moves) and running over the bandicoot and his kart.