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My guess is that they want to tell the world at E3 but since that is so soon PD will say they are ready to reveal but probably won't at the last minute.
But for them to reveal another title coming out at the beginning of 2012 seems like it would be a rushed project since GT5 isn't done and they just released it at the end of last year.
To me, it'd be logical that they would fix their current rushed and incompleat game instead of releasing yet another rushed and incomplete game.
I'd be tremendously happy with a GT5 Spec II, even if I had to pay a little cash.