Kowenicki is right. Some parts of the game just look outstanding (London, Tokyo) but then again, there are quite a few parts where the game looks pretty bad, dare I say worser than Forza. Some tracks are a bit bland and but some are really good. However, car models look preety damn awesome but I haven't tries any non-premium cars so I'm hoping they don't disappoint in that aspect.
Fortunately, the physics are great, same with the races and licences aswell as the new features. The second-hand dealership makes a comback which is sweet as is photo mode. Kart racing is also surprisingly fun.
Those are about the only things I've tried though; while the graphics ARE disappointing, the rest is great. I've played the game for about 5 hours so I know what I'm talking about.
Btw, the trees...don't even go there.