As many others have said, competition is good, and will hopefully spurn both devs to do their best. That said, FM has a long road ahead if it wants to compare to GT7.
I don't like the way it looks at all. It all seems to be passed through a brown/orange filter, the cars all seem to look hazy, not clear and clean, the tires look grey and featureless, the driving (although they showed almost nothing and drove at a sustained speed) looks just as wooden as it has been in the last few titles, the cars all have strange things about them that make them look like they're part of a game instead of mimicking reality. It generally looks like much of the same while they focus their efforts on things most of us here won't care about, like the environment and details that will never be seen. It is steps behind GT visually in just about every way.
Them touting that "damage" model as anything to be proud of is also pretty disappointing. Wavy body lines and scratches? Who cares? It's either realistic damage or nothing, I don't think most anyone cares about anything in between. What they're doing is no better than what we see from GT7.
GT7 has tons of issues still to work out, but the way it looks it eons beyond what FM is presenting here, and GT definitely blurs the line between realism and virtual consistently, whereas I don't think anything from FM will cover that base. Even with the issues that still hinder GT7s physics, my bet is it will still be miles beyond the wooden feeling of this and past FM titles. They seemed to have stopped improving at 4, which is still the pinnacle of the FM franchise, but way off base from a realistic driving experience.
This may sound like GT fanboying, but them's the facts as I see them. I WANT FM to be as good as or better than GT. I poured countless hours into FM4 only to be let down by 5 on everyone's focus turning to the absolute boredom of the disappointing FH series. I WANT more console options for fun driving games, but those that are hedging their bets on FM to spite the stupid things that GT7 presented are going to be let down unless they only care about car count and campaign progression.
Even if Kaz saw this, I doubt he's losing any sleep over FM not holding a candle to GT.