Forza 3 is too bright, even in the 'sunny' areas. It looks a lot like Modern Warfare 2's first MP Video, which is also WAY too bright. The driver's hand is on the steering wheel in the beginning of the video as well, but when he starts turning a lot, you don't see his hands anymore?? I don't quite get that. The angle of the video isn't the best, but on sharp turns, IMO, you should still see his hands cross the top of the steering wheel which is visible the entire video. The race also, through video mind you, looks very slow paced. In comparison to the GT5 video, and it may just be because of the type of track, the little boxy Subaru seems to be going faster than what appears to be (based on the competition) a super car in Forza 3. Just looks very slow-paced.
GT5, on the other hand; the drivers hands stay on screen, and it's got much better and more natural looking lighting effects.
The hands and lighting has nothing to do with the gameplay though, I'm more worried about Forza looking slowish. Anyone else notice that, or am I the only one?
NFS:Shift looks good, I like the way the camera view shakes when he hits bumps and takes turns and whatnot. The graphics, however good they are, don't compare to either Forza or GT5 IMO.
In terms of overall graphics, I have to say GT5 just because of the more natural look.