IMO it greatly depends on the game. Very advanced games that used this technique, like OutRun in the arcade, really almost feel like you're driving on a road with real turns. Lotus Turbo Challenge on the Amiga also does a pretty good job giving you the illusion that you're actually approaching turns, i.e. that there is a turn ahead of you and it is coming towards you.

But most games that implemented this technique were much more primitive, and just amounted to "bending" the road to indicate turns, which never feels like there's actually a turn coming towards you. It just feels like the road is suddenly changing its shape. But that's not an inherent fault of the technique, it's just a poor implementation.

I do agree that Mode7 games, which effectively display an almost correctly rendered 3D plane, are generally a much better experience.