A twenty-minute qualifying session was held on Sunday, succeeded by a top ten shootout, the combined results of which decided the grid for the following 250 km race.

The launch began with six V8 Supercars driving across the Sydney Harbour Bridge before the morning peak hour traffic.

The event drew a large crowd of almost 185,000 people across the weekend, and the use of a 'rock and race' format was credited with opening up Supercars to a new demographic in Sydney.

[5] The first year saw Australian rock band Cold Chisel reformed to perform on the Saturday night at ANZ Stadium, which is inside the boundaries of the track.

As all three drivers had a mathematical chance of winning the championship, Courtney, Whincup and Winterbottom all limped their cars back to the pit lane for repairs.

[16] The New South Wales Government under Premier Nathan Rees was criticised for spending $30 million of taxpayers' money to subsidise the Sydney 500.

The Olympic Park Authority said "it is clear that in all scenarios the current V8 Supercars Australia budget estimates are too low and/or incomplete."

[20] The conversion of part of the Sydney Olympic Park precinct into a street circuit was widely criticised by environmental groups.

The Total Environment Centre said that the New South Wales Government overrode the threatened species law, as well as the Homebush Bay Authority's planning principals, and would cause social, environmental and economic disruption at Sydney Olympic Park.

[23] Other options within New South Wales were then considered to replace the event, such as a street circuit being built in Gosford on the Central Coast.