I think it'd be a fun little mode that would add some light-hearted banter to Destiny. Think Star Wars Episode 1's pod racing just without Anakin or Jarjar.
As a side note: The N64 pod racing game was AMAZING.
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All of the planets except for Earth have basic loops set up, all thats missing is a start/finish line and boosts along the track or something of the like. Mars has more than one option for completing the circuit which adds some potential for longer races.