My favorite racing game of all time is Burnout 3: Takedown (PS2/Xbox). The sense of speed was like no other racer I've ever played since (except other burnout games), the crashes were awesomely destructive, and the competition was physically aggressive in a very satisfying way.

Based on the above, will I like the Flatout series?

You'll like Flatout 2, since it tries to be a Burnout ripoff.
You probably won't like Flatout 1 so much; it isn't lightning fast. Much more like rallying. But the crashes are still great because the physics are top notch, so if you're into that, by all means give it a go.

Hey, a fellow Burnout fan! Burnout 3 and Burnout Paradise are my two favorites. =)

I have both FlatOut games, and I haven't played much of them yet, but so far I've enjoyed what I've played. The racing is a little different and not quite the same sense of speed as Burnout, but the crashes can be satisfying. As posted above, the racing is more rally style (at least what I've played so far) but the cars handle well, and the driver-flinging minigames are quite a bit of fun.

Flynn

I actually picked up Flatout 2 when it was on sale last week (or so). I am really enjoying the game overall. The only real criticism I have of it is that the difficulty curve through the career mode is uneven a bit.