My thoughts...
Sophy - I refuse to believe they cannot run Sophy on PS4. Even as a 1v1 event. Reduce the graphics if you need to (e.g. removing trackside objects, reduced car detail). Training Sophy is computationally expensive but once the training is done the AI code itself shouldn't be that much more demanding than the usual AI. It's still reacting to the same stimuli as the usual AI (track position, other cars' position) and outputting the same 4 things (gas, brake, steering, gears).
I'm really glad for the PS5 players though. I really didn't expect them to implement it in so many cars and tracks this quickly. Gives me hope that in GT8 we will truly see it implemented game wide and it's basically blended in as "normal" AI.
Cars - no complaints here. But I would've liked to see the old Charger with flat taillights instead of round (because you know, family).
Tracks - sigh. No one asked for snow, and it's going to be forgotten after one week. They could've brought back so many original tracks or new tracks. It would've been perfect to bring back Autumn Ring to match the season in Japan but nope. I also noticed all the new tracks they added since release have all been American (Watkins, RA, GVH). Possibly because there is no space on the Europe map for new tracks. Japan has plenty of space still and it would've been easy for them to scan tracks in their own country (Sugo, Motegi, Okayama), but for some reason they won't do that either.
New races - it appears as lots stuff to do but with the old AI it's basically just filler. Ditto with the seasonal events (renamed as Weekly Challenges). Too little too late. Instead of more chase the rabbit offline events they could've expanded the daily race to 5 races per week (and more variety in combos).
Menu books - standard. Next.
Paddock - never used meeting place, and not gonna start using it now. Next.
Master license - oddly I'm most excited about this. Always fun trying to one up my friends on the leaderboards. But the fun will wear off after one week max. We also need more missions and circuit experience for every layouts.
4P split screen - fun if you have that many friend coming over. But I'm guessing most players will never use this.
Slower shutter speeds/new scapes - photo fans will be happy, otherwise standard stuff. Next.
New progression screen - it's fine I guess. Not that there's anything wrong with the old screen. Would've preferred them to re-organise GT League to resemble older games (which they tried to do with the new Event Directory menu, but still not the same).
New intro - the only thing that PD never fails at is making great intros and trailers. So looking forward to this.
I mean overall it's a "big" update, but that's only because the bar has been set so low with the usual monthly 3 cars. If you're not on PS5 or doesn't care about Sophy it's actually a pretty lukewarm update. The seasonal events will keep people playing but if they keep recycling races then it will get boring quick (and depending on the payout it might not even be a good alternative to the usual grinding races).
Looking into the future I wonder for how long PD will keep giving updates to GT7. GT Sport had regular monthly updates for around 2 years, with tracks coming every 2 months or so. We have a few months of skipped updates and much fewer track updates for GT7, and it's not even at the 2 year mark. I wouldn't be surprised if this is the last track update, and we will just be getting the usual 3 cars until March next year and then they shift focus to GT8. That's around 12 new cars to look forward to and not a whole lot more.
Still missing night & rain for a lot of tracks.
Still no major feature like course maker or in-game telemetry.
Still no news of long awaited tracks like Pikes Peak.
Still lacking lots of real world tracks and original fictional tracks.
Still missing lots of car brands and new race cars (GT3, WEC).
Meanwhile lots of new racing games have come out recently and vying for attention (Crew Motorfest, Forza, HW Unleashed 2, EA WRC and soon TDU SC). I still love the game and log in everyday but even I'm starting to get a bit bored.