For those too impatient to wait for Planet Moon's Afterburner update, soon you'll be able to get your mach speed on with M.A.C.H. According to Gamespot the game is set to be on store shelves in the US on February 20th for $39.99. Developed by Kuju Entertainment and to be published by Sierra, the game has you flying in underground competitions and customizing your flying death machine all the while hoping to keep down your lunch. It also allows for game sharing with the multiplayer, so you can still play the game even if your friends are cheap.
The game is rated E10+ which means even if you can't legally pilot a real plane, you can substitute that desire with the game.