So I'm in the process of creating my podracer, I'm pretty pleased with the progress. I had to add extra functionality in so that I could account for the pod rotation when calculating the terrain collision.
I've got it now to a point where I can get the rotation of the pod (so that I can go first person in the pod) and it now rotates as I want, where you accelerate one engine while decelerating the other.
I've also added in a simplified drag equation to combat the pod's acceleration. The pod also tries to hover above the ground so applies a thrust when it nears the ground, however I'm going to try to tweak this so that it works closer to what I'm envisioning. It is however close to resembling a 3D version of my PS2 racer, which pleases me. I now need to add in strafing, which will be based on the rotation of the engines (as seen in the video). After that, I'll be working on creating a race track, initial tests have highlighted that I won't simply be able to crave into the terrain an soften the edges because it looks crap so I'll have to try to think of a nicer solution.
Oh yeah, I've also implemented the ridged multifractal terrain, adapted from F. Kenton Musgrave's example. I found when I did my procedural planet that such a generation technique actually ran faster at higher octaves than fBm, which is a bonus for me as the terrain generally suits this game a lot more.