My original track idea was going to incorporate something like this in it (used to do HO scale train setups... hehe), but after seeing a good number of really fantastic tracks here that maximize actual racing surface I believe I'm gonna make the track more in that fashion (or perhaps a scaled down Indianapolis Motor Speedway track (since the F1 came to town)...
If you do set up a town to race through make certain to post up pics... would love to see it.