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From the PS Blog liveblog:

NASCAR will be involved, as will Rally Racing, and of course the big boys (Ferraris and faster). Damage modeling present as well, which I know will make many of you happy.

Not much was revealed in the trailer, but those are the key points to take from it.

Trailer:

http://www.gametrailers.com/player/63069.html

Update 1.06 Info:
http://us.gran-turismo.com/us/news/d5552.html

A new update for GT5 is out now:

An update to Gran Turismo 5 has been released. The contents are as follows: [Major Changes and New Features] ・Remote Racing [Remote Races] have been added to the bottom left of the [GT Mode] - [Community] screen. Here you can start a fully automated B-Spec race using yours and your friends' "My Drivers", and gain rewards and experience from it. For details please see section 8-4 [Remote Races] in the [Manual] accessible from the main menu, and also the new "Remote Race" page on gran-tursimo.com, under the GT5 product information section. ・Remote Racing from a Web Browser In [Remote Races], you can visit the official "gran-turismo.com" website using a web browser, and remotely control your PS3® at home. You can start races, monitor its progress and check results from the website. This is a new playing style allowing you to play Gran Turismo anywhere. Sign in from the [GT5 My Home] button on the upper right corner of the website to get started. ・Using the Course Maker in Online Races You can now use one of the "My Courses" created in [Course Maker] for your online races (in Open Lobby, My Lounge), or select themes and generate courses on the spot. (Please note you'll only be able to use My Courses created after this update). ・Introduction of Performance Points in Online Races We've now introduced Performance Points (PP), a numerical index of a car's performance for online races. You can set PP restrictions in the online race regulations (in Open Lobby, My Lounge) to limit participating cars. For details, see 6 -15 [Performance Points] in the [Manual] accessible from the main menu. ・Increased Rewards and Experience Online The amount of rewards and experience gained from online racing (in Open Lobby, My Lounge) have been increased. ・More Event Settings in Online Races [Auto Race Start Cycle] and [Tire Wear/Fuel Consumption] have been added to the event settings for online races (in Open Lobby, My Lounge). ・More Penalties for Special Events Penalties for improper driving such as driving off course and hitting walls have been increased for the [Special Events] under [GT Mode] - [GT Life]. ・Event Rewards and Experience Adjusted The rewards and experience gained in [License] and [Special Events] in [GT Mode] - [GT Life] have been adjusted. Experience for A-Spec and B-Spec events have been increased, while rewards have been reduced back down to levels seen before the 1.05 update. ・Car Loan in Events In A-Spec, B-Spec and [Special Events] in [GT Mode] - [GT Life], you can now borrow cars that your Friends have set to share with friends. For details see 6-16 [Borrowing and Lending Cars] in the [Manual] accessible from the main menu. ・More Car Settings Gear ratio adjustment, power limiters, and weight adjustment have been added to the settings. For details see [18. Settings Guide] in the [Manual] accessible from the main menu. ・Multi-Monitor Feature From [Options] - [Hardware] - [Multi-Monitor], you can now access the multi-monitor display settings using multiple PS3™ systems. You can now enjoy Gran Turismo 5 in a wide display environment combining multiple PS3™ systems and TV's/monitors. For details please see the support section on gran-turismo.com. [Changes and Additions to Gameplay] - It is now possible to replay and save [2P Battle] races. - [Controller Steering Sensitivity] has been added to [Driving Options]. - [Corner Bank Angle] has been added to the section settings in [Course Maker]. - In A-Spec events including endurance races, a confirmation prompt has been added before restarting a race from the beginning. - In replays, B Spec and while watching races, you can now change viewing targets directly from the screen without having to use a separate window list. - Personal BGM can now be used when voice chat is disabled in a [Lounge]. - Cars in your garage that are not registered as 'Favorites' can now be used in a [Lounge]. - When tire restriction is enabled in a Lounge regulation, only cars with tires that qualify will be displayed in the garage. - Driver and car display selections during races will be saved. - Karts now have [Quick Menu settings. - You can now select multiple items in some important menu screens, such as when registering your favorite cars in your [Garage]. [AI Adjustment] - Race choreography and opponent car AI controls for licence tests and A Spec events have been adjusted. - Opponent car AI controls during B Spec races have been improved. - The evasive maneuver of opponent cars when a players car blocks the track has been improved. [Correction of Issues] - Corrected an issue where it was possible to gain points unfairly in drift trials. - Corrected an issue where it was not possible to view the 4th sector in the live monitor. -Corrected an issue where the sound effects would not change when replacing the exhaust system or turbo kit. - Corrected an issue where the save data becomes unable to load when exceeding a certain file size. [Other Changes] - A searchable item called [Race Type] has been added for room creation in the [Open Lobby]. - The lap times for the [X Challenge] in [Special Events] have been adjusted. - Game save speed has been optimized. - The HDD access warning message that was displayed at game startup has been disabled for faster startup. - Car demo backdrops during an [Auto Demo] is now displayed randomly in 4 types (Morning/Day/Night/White) as is in the　[Dealership]. - The "S-AWC" integrated four wheel drive system of the Mitsubishi Lancer Evolution X has been adjusted. - The [Force Feedback Strength] of the Thrustmaster T500RS can now be adjusted across a wider range. [To Check Your Current Version] To check the version of your game, press the "Manual" button at the bottom of the main menu screen. The version number will be located on the upper left of the index page.

Wow, so now this is like the meca of racing games, all in one. As long as they can get rid of that Cars on a String A.I. I'll be happy. But Im sure they will.

Didn't catch a release date on this (could have missed it - I'm at work) so until I hear one I'm not getting excited for this game. The wait for 3 and 4 seemed like a lifetime of "when it's done" comments and GT on the PSP has been coming out since like 2005.

Trailer in HD...http://www.gran-turismo.com/en/movie/d3284.html

I'm not sure what i'm more excited about; NASCAR, WRC, or damage modeling...can i just be giddy for all 3

Inclusion of NASCAR is awesome, and a great marketing point, but I'm guessing the career mode will only have ~500 mile races? I've only played GT3, but that's the sort of format I remember.

WRC. Sweet.

I want to see how they handle the damage modeling...

What about the AI and customizability options.

I was wishing NASCAR went back to Papyrus after EA dropped the license, but this is probably the next best thing. I just hope they are able to get all the NASCAR tracks.

Asking for Nationwide and Camping Truck Series is asking for too much, but I can dream!

Originally Posted by dallow

damn! Is that GT... cause that looks good.

http://www.gametrailers.com/player/50288.html

What's NASCAR doing in a racing game?

I find it hard to believe that the rally STI crashing is actual gameplay.

This may be one of the greatest racing simulator games of all time.

Nearly 3 years on PS3 and still no sim racer. Grid IS NOT A SIM. Sony should have seen the delays of GT5 coming and paid some 3rd party to put out a competent sim racer to tide us over.

Originally Posted by Danil ACE What's NASCAR doing in a racing game? I find it hard to believe that the rally STI crashing is actual gameplay.

Yea, they don't do any racing in NASCAR.
The inclusion of NASCAR is the only reason I'm somewhat interested in GT5. I completely lost interest in the game after I got into Forza. Depending on how much NASCAR is actually in this, I still may not care.

This game will be one of the most epic Sim racing game of this generation. I got GT5:Prologue and it has already impressed me with that kind of graphic. I can't wait to see what GT5 has in store. May be I will be finally get back into drifting seriously with GT5.

So they are combinging multiple racing types into one....good luck...it is hard enough to get just one right much less a bunch in one game. I hope it turns out well but if the AI isnt tuned for each specific type of racing this could be very bad

All of your fail to notice that there was no mention of release date, not even a 2010, or 2011. My guess? This game isn't coming out til 2025 :P