My initial thoughts after about 30mins:
Sound seems a lot better and graphics don't seem to be like some of the videos were making out, it's pretty impressive. I thought there was a better sense of speed but that's difficult to quantify. I like the F1 & Indy cars.
On the downside, going to get bored of this number of tracks very soon. I'm not worried about the lower car count as you don't need most of them, but it seems ridiculous that there are less circuits than the previous game and is a real shame. With this in mind, in many ways this probably is the weakest Forza release after the bar was set so high previously. Hopefully further releases will improve upon it, but when you look at things like the £40 charge for upcoming car packs, you wonder how they might deliver it.