According to an inside source, GT5 will be out within the next 11 months and will be a worldwide launch. It features 600+ cars, 96 tracks and the ability to cut and paste sections of tracks to make your own one. The online will feature voice chat and clan support among other things. Probably to much to be true but i expect to see more at E3 and definatly TGS this year.
Sounds good..
I'm looking forward to it's release, I think there is plenty of market room for this and Forza 3 (or whatever it's going to be called), a reviewer once summed it up nicely between Forza and GT, one is a driving simulator, one is a racing simulator (or at least trying to be), different enough to make comparisons hard, and different enough to enjoy both in different ways.