I only played that game on the PlayStation 3, and using AV-out standard on a CRT, television without the smooth textures option enabled. if you are curious than just look up "Moto Racer" for the PlayStation 1 to see a better representation of the graphics, that is a lousy photo but it is the only photo I could find that didn't have a huge text. Note this game was also out for the Windows OS on PC, but as far as the looking up the PS1 version is apprers to have the same graphics as the PC version of Moto Racer
The small size of the photo does reflect more favorably on it. In the large picture you posted, notice the ground textures are dreadful and the walls don't look much better. Looking at other shots of the game, it kind of looks like standard PS1 graphics to me.
But this does call into question what counts as "best graphics" in a thread like this, seeing how so many games can be upscaled with HD texture packs, with improved PSN re-releases for old games and whatnot that look 100x better than they originally did. I looked at some gameplay of Legend of Dragoon as played on original hardware and the characters look nowhere near as crisp or colorful in game as shown in the previous screenshot by pacgamer89. It must be the PSN download that has been optimized for modern displays. That might be representative of what the graphics can potentially look like, but you ain't getting
that from composite-out on an original PlayStation. This is how the game would have looked, originally.