The US version doesn't have anything on the UK one, but then again it is in its first season and has nowhere near the budget and production value. I'm still waiting for them to find their stride and do something truly original...a good way to start would be to come up with some new "challenges" instead of re-hashing ideas from the UK show.
One of the things that makes the Top Gear UK awesome is the chemistry the hosts have with each other...each of them has the personality and presence to host the show on their own, and together they make a great cast whose love/hate relationship really sets the tone and makes for an interesting show. I'm just not feeling it from the US guys yet, if they can manage not to get canceled it may develop over time. Otherwise they're just another car-talk show.