Just because oversteer is possible, that doesn't mean it's right. If we're going to talk about GT4, that game had a terribly strong predisposition toward understeer, which is what otago is talking about. Yes, powerful and/or rear-heavy cars would gladly oversteer...but they
should be gladly sending you to the wall taillights first, and they don't. The only scary thing about a powerful RWD car in GT4 is that the countersteer bites harder than the twitchiest supercar, no matter what you're driving. Massive wheelspin does nothing more than gently push the car forward. Braking and rough weight transfer almost always lead to one result -- understeer. As everyone knows, donuts are impossible, but no one asks what that means for the rest of the physics engine. If something is broken that prevents a car from spinning around in place, what good is wheelspin/oversteer simulation at any speed?
If you don't believe me, watch Clarkson in the Top Gear episode where he plays GT4 and drives an NSX at Laguna Seca. Compare his clean, understeery driving in the game with the spins and oversteer he struggled with in the real car. The man even said himself that the game allows you to play with the throttle and brakes mid-corner with no penalty. Yet most people I saw praised the segment as another testament to GT4's greatness.
Don't get me wrong, if you're the type of person who doesn't care for tail-out RWD shenanigans and simply seeks a quick laptime, I can understand how GT4's flaws would be inconsequential, and how you would enjoy playing the game. But however you want to go about it, the game's physics are fundamentally flawed.
Meanwhile, GT5

remains an expensive demo for a system that isn't mine to use freely. I would like to get my hands on it for some real analysis, but I refuse to pay more than $10 until the actual game is released, especially with the Nürburgring missing. For what it's worth, I was impressed by the brief play opportunity I had with an older update.