Sigh, we always say those things before launch... My argument was more about content. But if you want to be literal then actually yes, a lighting model, physics, and suspension modeling could in fact be updated. 2.0 of GT 5 did that with shadows and physics both online and off.
But not a renderer, and the first evidence is the drift video with the non blocky smoke. Tesilation isn't a new technology and arguably would have been a stronger announcement along side dynamic damage... GT has always had some degree of tesilation as its how they remove the angulare polys most obvious in the wheel wells of standard cars.
The academy demo was adjusted physics but all that body role is suspension modeling more or if even anything to do with the physics system beyond a simple weight transfer multiplier, on top of the core physics system as its unique to each car (ie not core to the system)
Forza is a game with physics but no real suspension modeling for example. And the leading reason they have no open wheel cars... Prior to 5.
Lets not loose our common sence and go all fan boy on me, nor mistake me as being anything other than starving for more information, just like you.
Btw this stuff is being discussed in greater detail elsewhere on the forum. Feel free to reference my history and get more perspective.