2K did an amazing job with the IOC to get the licensing right.
In Torino 2006, you participate in 8 olympic events that were included in the 2006 olympics: Alpine Skiing, Cross-Country Skiing, Speed Skating, Ski Jumping, the Bobsleigh competition (four man or two man women's), the Luge competition, the Biathlon and the Nordic Combined and you take control of 24 nations. There isn't any ice hockey or snowboarding races however. 2K and 49Games could have done a better job adding them to it, but I don't really like the way the NHL decided not to hold any All-Star Games in olympic years, and the boarding gameplay in Amped 3 for the Xbox 360 a little more fun.
I have done many good performances in the game and the skiing, the bobsleigh, the skating and the luge were fun to begin with, and they won't bother you at all on top of this. The game has some decent commentary too and it never gets lousy much then.
The aren't much frame rate problems, and on top the graphics and anamations are decent. The bobsleigh speed is so fast that you actually can break many records on the scoreboard, especially in many other events. You can also repeat many of the events as they go on. If you loved watching the winter olympics and you are buying a game of them before Torino 2006, Torino is definitely worth the wait, even at a cheap price.