In concept it is interesting, but I feel that it would add very little to gameplay beyond whats already been available. Many games feature pretty good vehicle destruction (mostly faked, but good enough to suspend disbelief).
As usual, I would prefer these companies invest their effort into more interesting AI and game mechanics. I played Crisis 2 a while back, and beyond the improved graphics, it did not feel much different from Half Life 1 to me.
Also, racing games often come with license mandating a certain maximum level of damage some cars can take: some cars can be screwed, while others can only be scratched.
Some car makers only allow developers to use them in the game as long as you can't destroy their cars past a certain point, both to keep the car recognizable and to not hurt the reputation of the brand.
As usual, I would prefer these companies invest their effort into more interesting AI and game mechanics. I played Crisis 2 a while back, and beyond the improved graphics, it did not feel much different from Half Life 1 to me.