Hi Jure - thanks Mike for the links to the manuals, didn't know about those, thought I would post anyways with a quick run down anyway.
Raceline - is the line taken by your car around the track.
Colours - Green accelerate, Red braking, Yellowy not braking or accelerating
Own / Loaded raceline - if you run a lap then ESC to garage you have the option to SAVE Time attack. Having a saved Time attack then means you have the option of LOAD Time attack. You can then choose to display OWN, which is the fastest raceline from your current session, LOADED which is a raceline loaded, using LOAD Time attack, or BOTH which is both of these. You can also UNLOAD a loaded attack.
Online - an option is there for ONLINE time attacks - where you can look down the list, in a similar way to online car setups and choose a time attack to download - a downloaded time attack then becomes available in LOAD Time attack menu. You can also upload your own time attacks.
Are they any good - depends on how good/accurate the driver who saved the raceline is! I personally find them and the ghosts quite distracting once I have set a decent time and am trying to shave fractions of a second, rather than seconds off a lap. Great fun for gatherings with mates though to have two ghosts and/or racelines on track with you.
Finally a word of advice - if in a session you set a good laptime, thats tidy, has good braking points and no cutting - ESC to garage and SAVE it - nothing worse than doing a great time in a session with tidy lines and fantastic breaking points, and then beating it with a crappy lap that involves really bad breaking points and a couple of cuts, because once you beat the good lap the great one is lost, unless you SAVED it and then you can go back and reload it!