The creator, Carl Greatrix, points out that it's a kit of a kit car. (Jokes!) The two models he submitted differ slightly; obviously the color schemes are different, and one has a full windscreen and doors while the other is more exposed. Both look spot-on, but I prefer the exposed look. I'm hoping the green-with-yellow-stripe color scheme as well as the removable bonnet and detailed engine (look at the cute little sidedraft carbs!) make it to the final model. LEGO will do its thing and make the model fully production-ready and "playable," which can lead to some changes, but the end result should be pretty great. You can check out an exploded view of the kit's subcomponents as well as a few other color schemes on Greatrix's Flickr page.
Full disclosure: I voted for this project, and I'm probably going to buy the set when it comes out. Oh, and those are my hands in the video below.