Pretty much, you can explore around well know places like Moe's Tavern, Kwik-e-Mart etc, or you can do the missions.
The cool thing is the attention to detail, im sure they could of done it better as the nuclear power plant is a bit lame, but cool stuff like springfield statium with truckasaurs in and posters like the greyhound racing 'think of them as little horses' and you can bet with fat tony's mob and increase your money. You can buy different clothes for whatever character your playing, homer and the mo mo dress is the best!!
Quite a few well known cars too, burn's limo thing, the plow king AND mr plows truck v.cool. The honour roller soapbox derby racer!! The funniest is Cleatus's Stepside Chevy truck