If you're observing tearing, it's not getting 60fps. Most likely, it's not all that close, since they'd use vertical synchronization if they could maintain 60fps. Most of the time I notice tearing on a 60hz display (your TV), it occurs most obviously up between 35-40fps.
It sounds like they're having a bit of trouble keeping the frame rate up. That's very bad for a racer, as 60fps is critical.
The PS3 does not have a scaler, so it cannot scale 720p to 1080p. Sony's solution is to use very rough pixel ratios -- that is, you render the frame at 960x1080, then double each pixel by width to become 1920x1080. That's not rendering the game in 1920x1080, mind you, that's doing a very poor man's scaling of 960x1080.







