PC Specs:
CPU: AMD Fx-6300 @4.1Ghz
GPU: AMD Radeon RX480 4GB @ 1266Mhz
Build Description: PCSX2 1.4.0 - Windows
BIOS Used: USA v2.00(14/06/2004) Console
Pad settings: LilyPad 0.11.0
**** Mapped with ds4 plugged in directly with microUSB. No other third party software is used like DS4 windows or InputMapper.
EE/VU Clamp: Normal/Normal
EE/VU Rounding: Chop/Chop
GSdx Settings:
Adapter: AMD Radeon RX 480
Renderer: Direct3D9 (Hardware)
Interlacing: Auto
Internal Resolution: Custom
Custom Resolution: 2560x1440
Texture Filtering: Bilinear (PS2)
Anisotropic Filtering: Off
CRC Hack Level: Full
Shaders:
Enable FXAA
****Also tried on Software with same settings, works just as well, minus 2k textures

*****
Speedhacks:
EE CycleRate: -1
VU Cycle Stealing: 3
Enable INTC Spin Detection
Enable Wait Loop Detection
Enable fast CDVD
mVU Flag Hack
MTVU
Gamefixes: N/A
Amount of testing done: much
Comments:
Found some visual glitches on prospect springs (the very first map). It seems like when you use hardware mode something is gone all wild and crazy with that particular map. No other maps show the same visual glitches. Other than that specific map, see below.
Game is very playable, no wacky textures or visual glitches. Played through the first and second championships on normal difficulty. I believe that the game is very intensive on the VU, so turning up VU stealing smoothed out the game immensely. My assumption is based on the screen before you enter a race, when the quad is front and center, the VU goes up to around 70-80% and can slow down the game. I think this has to do with the rendering of the bike in full resolution to show the player what a sick bike they have. Using hardware or software mode doesn't seem to matter on my rig, but i prefer hardware because i can bump up the textures to 2k resolution. As long as the emulation settings are the same, the game is very playable, locked in at 60 frames on the EE. However, the game can have some fps dips, and I'm unsure what causes that because the game is extremely playable and I haven't bothered to fix it.
****DISCLAIMER: I have not played every single map, so I cannot say whether or not hardware mode works on every map. I have proved that hardware is not compatible with prospect springs, and can only speak for a few maps. I have seen that software mode generally works with the same settings, so that may be a good fallback for hardware mode.
*****
Bugs:
Prospect springs visual glitches on hardware mode.
None worthy of mention, other than occasional fps dips.
Status
Playable