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Think a lot really depends on how marketed Forza 3 is. Looking at Japan sales of 360 it has had nothing out for a very very longtime in Japan but yet still sits only 2k away from the PS3, a lot closer then most would of predicted this time last year.
If Microsoft choose to they could mass market the game to Japan on so many different levels such as the ability to design your own cars etc. It has the ability to get various types of gamers interested rather then just the die hard fan.
Plus the first sales of any GT next generation game have been quite laughable not even getting to 700k in Japan.
So while you would expect normally GT to blow Forza out the water sales wise i think most real racing fans who have zero biasedness to a system are actually coming round to the fact Forza is a better game then Gran Turismo, everything but the sales reflect that.
So first week i think Forza 3 will win but lifetime sales Gran Turismo 5 will win.
If they were both released on the 1st day majority of my friends would pick Forza over GT. So for me i can see Fora 3 selling well in America and UK. Question is then will GT5 sell as well as it's previous versions or do like other games have done and not sell anywhere near their previous gen sales? We will see, eventually!