So yeah ... by your logic the AI, the Track Editor, the online features, and the damage model, all is being stopped because they don't have more RAM to work with?
And that starting with how PD will translate the whole code without failures during the debug process (jagged edges in GT5 shadows, those were fixed by coding by GT6, the PS3 didn't had more RAM or anything BTW).
The jagged shadows were fixed by lowering the resolution of the shadows considerably. Instead being high-res shadows from GT5, they're now low-res soft shadows that flicker considerably and I don't understand how anyone would call them an improvement over the hard jagged shadows of GT5. It was a compromise, not an improvement. The PS3's CPU is very capable of handling more work, but the split pool memory was a bottleneck. There's not much more they can do graphically. And this includes damage modeling and sound.
Content-wise (track editor, DLC, community features) they can add as much things as they want, because it doesn't have direct relation to the system graphics RAM, it's more related to the size of the disk and how much content it can hold, or the HDD size in the system to store the content.
The AI definitely needs improvement, and I agree they probably could have done better coding in that area instead of giving us rubber-band AI. As far as we know, the track editor is still coming and hasn't been stopped, just like how PD didn't announce when the Senna content was coming until the month it supposedly releases.
PS4 have 8 cores, but when is written for it the system works as a single unit, hence why indy developers and nearly all companies are working on it right now, the PS3 on the other hand have 6 functional cores which have to be written in a way in which all of them work at the same time, individually. Writing for 6 cores is far more tasking and more complicated than working for one that automatically works out the load for 8 cores.
That is still completely different from the "single core" statement that you mentioned. The PS4 has 8 fully actual functional cores. It's easier to develop for because you don't have to utilize all 8 cores, and each core has direct access to system memory. The PS3 has one fully functional core (PPE) with memory access, and 6 useable "helper" cores called SPU's that don't have direct access to system memory, hence the difficulty in coding. Rewriting some of the code will be required, but it will not be as difficult when porting GT6 code to PS4. It is also not necessary to completely rewrite the game code when switching between the two platforms. If that were even remotely true, PD would be better off creating a brand new rendering engine instead of using the GT6 graphics engine.
Sony is not stupid, and PD isn't stupid either. They haven't finished with GT6 and they are still working on it. It amazes me how people can be so stupid in assuming that a PS4 might be on the way when PD has a limited amount of coders and Sony has a limited amount of resources (remind you that they pretty much own about 10-15 world wide studios developing stuff for the PS4 right now, not to mention getting people to work on the thing).
Each to their own I guess, but people is only setting themselves up to disappointment, as is naturally the case for GT games these days.
Kaz has already mentioned that GT7 is in development and gave an estimated release time for when we would see GT on PS4. I'm not understanding why you would think they're not working on the PS4 at the moment.