Only newer title in the series that I've played that I didn't think was complete garbage was Undercover.
It gives you the customization of Carbon with physics similar to/better than Most Wanted. Story isn't too bad either. Plus you get classic muscle cars. <-Winning.
My credentials: I've played High Stakes, Underground 2, Most Wanted, Carbon, Pro Street, Undercover, Hot Pursuit, and The Run.
Out of all of those, I'd choose Undercover in a heartbeat. It's the best of the best so far.
Only flaws: LOLcops and rubberband AI. Doesn't matter if you've got a Zonda and are topping out at 250+ MPH. The Feds will catch up. Same with NPC AI on harder difficulties.