To me, the main problem with engine noise in GT4 is that the cars always sound like they're at half-throttle. The problem is that they record the engine noises at different RPMs, and maybe even a full-throttle run, but this is in neutral with no load on the engine. An engine's exhaust note will completely change when there is a load on the engine as opposed to when it's spinning free. To truly record engine sounds, PD would need to put the cars on a roller dyno and record them on a run from near-idle to redline. This would be extremely time-consuming, as it can take 15 minutes just to set a RWD car up on a dyno, and the more power the longer it takes. Not to mention trying to get the owner's permission, because dyno runs aren't very nice to cars.
Another major problem that would be even more difficult to simulate are modifying the engine/exhaust. Currently they try to guess at what it would sound like and digitally modify the sound to get there, but we all know that's not at all lifelike, otherwise there'd be no point in having 20 different muffler/catback system suppliers for every model of car in real life. Depending on the engine's stock exhaust system, it will respond totally differently to an open exhaust than another engine. For instance, an economy car's exhaust is tuned to be as quiet and smooth as possible. That's why you only hear a "whoosh" when one passes by at full throttle (well, that and the fact that there's no power under the hood). So putting an open exhaust on this would completely change the tone. However, something like the Aston Martin Vantage (the new one) already has an open exhaust when it's floored past a certain rpm, so putting a full race exhaust wouldnt' really change the tone at all, or at most make it a little bit louder. That's a LOT of work for PD to do to accurately simulate it, and I dont' see that happening.
So, I'd be happy with them recording every car model (excluding cars with identical engines and exhaust systems) with the stock exhaust under load, then unbolting the exhaust and and opening the air cleaner and recording it again for racing exhaust, since racing exhaust is pretty much straight out anyway. Then, they can do a mix of the two for sports/semi-racing exhaust. That's the only way I see of the sounds being satisfactorially recorded. Oh, and they'd need one microphone at the tailpipe, one in the driver's seat (or close to it), and one right over the hood.