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Around 5 year development for Gran Turismo 5 between announcement to launch. PS3 exclusive games utilise Blu-Ray and 1080p HDMI and superior sound/audio. Visuals and sound perspective Gran turismo 5 has the edge over Forza 3.

Forza 3 was developed and launched 2 years after Forza 2 released in 2007. Gran Turismo 5 was developed and launched more than 6 years after Gran Turismo 4 released in 2004. 

Forza 3 sits on 91 on Metacritic. 5 points higher than Gran Turismo 5, sits on 86. Forza 3 has the edge over Gran Turismo 5 as far as the critics/reviewers are concerned.