Updated to 1.05:

http://www.gtplanet.net/forum/showthread.php?t=146968

http://www.neogaf.com/forum/showthread.php?t=415162&page=75

Random pieces of info there. One of my personal favs:   Hud-off option! wuwu! The game looks so much more awesome without it. It's also nice how you can access it from the quick menu by pressing pause at anytime.

Besides that, some more info from random posts:

- offline mechanical damage option

- "Seasonal Events" in GT Life

- An "Online Dealership" that sells rare standard cars such as the Forumla Gran Turismo.

- Ability to backup saves

- Credit/XP Rewards for doing online races

- Apparently some missing engine sounds got fixed. The Zonda I won in B-Spec sounds badass again after the sound butchered from an engine upgrade.

- Ability to restart events after finishing - before you had to load the whole thing again, and we all know how horrid the loading times can be. Definitely will make grinding easier.

- You can add your own custom menu music in the options now.

- I was just playing Arcade Mode and it seems that there's always 16 other cars now.

It's an awesome update. Take a quick browse through those threads for some more info. There's even an increase in cash rewards at the moment, which might be a temporary thing.

Anyways, i'm off to do one of the Seasonal Events - a 1mill credit reward for only 5 laps is an offer I can't refuse.....

EDIT: 

Just gettin that out there.

It's sweet, but then again, after so long development time, being adding such things in patches right after the release doesn't seem right to me...

I really love that games are patchable now, but there it makes me feel like the game was rushed in the first place. A 5 years rush, come on!

Oh man, now that I'm away from GT5, this updates comes online xD.

Oh well, going to try it out later today

Sounds good!

I have a question about the save back-ups.

A friend is going to stay at my place and since I already started a career we wanted to play it from scratch on his account on my ps3. Is it possible for my friend to back-up the save from there and use it on his own ps3 to continue the game if he should get it for himself? Will trophies be disabled?

I suspect a meeting took place not too long ago to discuss whether GT5 releases in 2011 fully ready to go or 2010 in time for the holidays in EMEAA with a slew of patches to follow.  I'm also pretty sure which way that meeting voted.

It is funny in GT5's case as they clearly took there time, took there time, took there time... then went quick, it's gotta launch before 25th December 2010!  Hurry!

AWESOME!

The patch is great and it should put a stop to all those cry babies out there. Wah it had a 5 year development time, wah it better be here before christmas, wah its not ready yet they should have delayed it more, wah I need my bottle. I just read someones post in here. Theres seriously people crying over the game getting patched with some great stuff. Are yous for real?

This patch is very welcomed and it proves that Polyphoney is listening to all the players. At the rate this games getting patch we should see a whole new version of the game in 3 months time.

PS. I love GT5