I think people are forgetting that sound improvements are said to be in the works, regardless of anyone's definition of "future" and "never". That is the point of this question; to get more info about the fabled "update".
Whenever it comes, it will be a substantial step even in principle, but we don't know yet how it'll work and how the change in generation method will impact the rest of the game, and so whether the wait was "worth it". I personally think that any improvement will benefit the game; look at the Red Bull / Senna cars.
Thinking that we as a community could "make better sounds" is just naïve. Sound in videogames is on the cusp of a revolution, maybe over the next 5 - 10 years or so. That's my prediction, at least. What is now the state-of-the-art is thought to be, evolutionarily speaking, something of a dead end. There is loads of cool stuff being done for the movie industry, in terms of
generated foley effects etc., that will have a huge impact in games once it's viable in real-time.
"We", as "a community", would probably struggle to get to grips with the way a modern graphics engine is put together, and that is also true of a sound engine even now, despite the primitive basis (sampling). The future of dynamic mixing, spatialisation, psychoacoustic LoD scaling and advanced DSP, not to mention physical modeling in a forward (not reverse engineered) sense, looks very bright in video games - we'd all best get genned up if we're going to help out!
Oh I know about that one, I'm suprised someone hasn't started a question about custom parts (none that I'm aware of). I was very disappointed about the lack of livery editor and custom parts at this stage in the GT series. Enough of that, (I'll save it for another thread), back to the sound eh?
I was talking only about the sound!