Not really, thats a low quality helmet and and a outline of seats.
True, but its still got a few things going for it. Check out this shot...
http://farm4.static.flickr.com/3328/3309863174_9182917cb0_o.png[img]
Even though Forza has a few muddy textures of the grass near the camera, as you get further away Forza doesn't decrease the quality of its textures much, and so the environment as a whole looks quite sharp and detailed. Also the trees, rocks and general details on the environment looks quite nice. GT5P on the other hand (I lifted the image off an image quality thread on GTPlanet) looks quite sharp close to the car, but into the distance textures quickly become muddy.
One other thing about GT5P, the environment detail for the most part is lower than the car detail. To me this makes the cars look noticably out of place on the track. Like someone took a picture of a track, then took a picture of a car, and pasted the two together, rather than them both being from the same image. From the few videos of Forza 3 I've seen, the lighting, filters and overall detail level of cars and tracks seems to be more natural.
Its kinda like Crysis, everyone said it has awesome graphics, and it does, but what's the point when random rocks and grass look hideous and totally out of place.
I'm not really saying Forza 3 looks nicer than GT5, I'm just playing devil's advocate given the fact we can't tell until the games actually come out and we can look at them in all their glory. Lighting and filters play a huge part in graphics, and often you dont notice them as much until you yourself are playing them.
Also, I dont give a damn about "replay" graphics, which are often rendered in better quality than the actual race. To me the only thing that's important is actual race graphics, for every hour I spend racing I'll spend less than 5 minutes looking at replays or "photomode". If the videos I've seen of Forza 3 are truely race graphics and not just replay graphics, I'm pretty impressed still.