great action capture, particularly the dirt flying up! I don't think it's too tight at all. the only thing that distracts me are the audience-people. I wonder how this would look in b/w with the audience people burned almost to oblivion.
I really like the power of the horses, the oneness of the driver with his team. The light makes this warm and rich. I like the shot pretty much just in general, actually! From a technical standpoint, if you wanted, you could crop down the top a bit and give it a pano feel - helps alleviate the crowding on the left a tad. Very strong, powerful image.
That looks like a lot of fun. Yes pity about lack of space on the left but still a lovely shot. I like the sidelighting, the late afternoon light gives it a very "moody" feel.