Yeah. Europe likes it's racers... and there isn't a better racer out there.
I'd personally still feel ripped off if i bought it.
It's still a 10th of the game at 2/3rds the price... but then again people bought Need for Speed: Carbon and Motorstorm for full price.
I'd of felt ripped off there too.
Really GT5 is just very likely going to be by far the best racing game* that will be out there for the PS3, and likely any system. Though I haven't played the 360's big racer... who's name i'm forgetting.
*not counting things like kart racers, they don't seem similar enough in genre.