...reading some of the comments, guys, not sure if you are aware, but GT7 was initially planned for PS4 from the very beginning. It was later in development that PD/Sony decided to make it PS5 exclusive, and then later on again (well it is confirmed, but we still didn't see anything) it will be cross gen title...
Not sure if all of you watched tech demos that PD showcased for GT in past few years. Here is the thing, as far as I remember, GTS was running 8k60 on some Sony TV, and apparently it was on hardware that was planned to be similar to PS5 hardware (maybe some of the first prototypes/dev kits), but here's the thing, we didn't see anywhere officially mentioned that GT7 will have RayTracing (well, we saw in last showcase some great shots with reflections, but are they DXR reflections?).
I remember that some of engineers back then said that they approached this type of lighting because it is most life like, and when asked about day/night cycle, that same engineer said it is impossible with current lighting engine to make it work without huge FPS drops, so they drop it out completely...
Now from a stand point of pure power of consoles, PS4 is a 1.84TFLOPS, PS4Pro is 4.2TFLOPS and PS5 is 10.3TFLOPS.
GTS is running on PS4 in native 1080p60 resolution with dips up to 40FPS, on PS4Pro the dips are rarer and go down to 50FPS, but let's say it is 99% of the time running at proper 60FPS... now, let's compare this to "PS5"ish 8k60, which were in fact upscaled 4k60 to 8k, why, well, GFX power for 8k is in fact 4x 4k, and GFX power for 4k is 4x 1080p in simple words, so this means in order to render 1080p60 @8k60 one needs 4x4 aka 16x more powerful GPU (without taking in account denser, more detailed textures and VRAM needed for those), and PS5's GPU is approx 5.6x faster/more powerful then PS4's... but this is not everything, there are generation differences, since PS4 is based on last gen gcn cards, while PS5 is based on rdna2 cards. There is difference here, but even that difference cannot make a card 2x and more faster with current TFLOPS...
Why all this, well, in order to run GTS in native 4k60, it would need at least 7.4TFLOPS of GPU power, with all the dips down to 40FPS, for stable 60FPS it'll need probably some 10-15% more power (if dips are GFX related), and with addition of RayTracing, which is really performance killer, on basically every card being it AMD or nVidia, so this would easily go up to 2x more TFLOPS needed in order to run properly (dependent of track, weather etc.).
If you all think there will be huge difference between GTS and GT7, you are wrong... Yes, GT7 will have probably a bit more graphical fidelity, better antialiasing, it will run smoother on 4k then GTS is, etc, but it will be the same... PD will optimize it for sure a bit, but then again, neither that can boost FPS insanely up...
Then again, all that we saw gameplay vise was basically GTS running new tracks, new cars... if you don't believe me, check really close to those few gameplay moments that were shown in this, and previous showcase, not trailers, but gameplay... I remember on Trial Mountain on previous gameplay showcase, how game was loading and switching LODs on distant cars, basically same as in current GTS build... And then there is YT compression that doesn't help at all with all this...
PD for sure spend all this time figuring out how to bring features that people/gamers/community is requesting, not that they are crazy about all that to bring it, but they know how GTS flopped in gamers eyes when released, they don't need this again...
I think it will be gorgeous game, and it will work properly on both console generations. And what Tidgney (Youtuber) said about reduced car count in GT7 for PS4 users, I highly doubt this will be the case, considering what approach Kazunori has...
Just remember, you have 30 car race in GTS currently, working fine, and there was early build of GTS running with 38 cars online...