Indeed. But it wasn't that difficult. Actually I found it way easier with the "fake 3D" and rotating sprite and even "full screen rotating" (but it's only vertical columns of 8-pixels wide that are slightly shifted up and down) than doing "real" 3D using OpenGL or DirectX ; )

Applied on the PC in the nineties, in "World Rally Fever", published by Team 17:

http://www.youtube.com/watch?v=avurGEuocqo