This is not supposed to be an extensive comparison. Just a quick simple view of the graphical difference you can expect.
PCSX2 Build v1.5.0-dev-3291-ge506dc145
http://buildbot.orphis.net/pcsx2/
FlatOut on GOG.com
https://www.gog.com/game/flatout
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FlatOut is noted for its extensive use of physics in vehicle damage and collisions; dents on vehicles may vary based on the type of accident, object and angle of impact (falling objects, for example, will damage mostly the upper areas of a car), while many roadside items react better to collisions from other vehicles.
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PC specs:
Intel Core i5 6600K @ 4.40 Ghz
16 GB DDR4 @ 2666 Mhz
GTX 1060 6GB
Windows 10 64bit