Victory Run is a crappy Outrun ripoff with worse graphics, music and none of the charm. Personally, I'd avoid it.
Victory Run is like Rad Racer / Outrun, but with parts management (brakes, suspension, tires) added. Your parts can break (severely limiting your top speed... and thus your ability to complete a track), and they have to be purchased between rounds. This parts management adds a nice bit of strategy to the game.
I won't lie to you: Victory Run doesn't have the infectious charm of Rad Racer / Outrun... but when you're looking for a bit more depth / challenge, give Victory Run a chance. There are some neat things that you have to work out for some of the stages (i.e. on the Savannah, I think third gear is best... the dirt / desert track is killer, I can't remember the max speed you can do before tires are spinning in sand, etc.), but most stages are typical, straightforward pedal-to-the-medal fare.
IIRC, the sound effects were pretty lame in Victory Run. And it really lacks a convincing sensation of "speed" (even Rad Racer did a better job).
That said, I felt a sense of accomplishment when I beat Victory Run... it was a good challenge for me (granted, this was eons ago).