I'm liking the feel of this...
I don't think countersteer, or more specifically, actual handlebar position will be modelled, it changes too often, with too much relying on "feel" for it to be useful in game. You countersteer to push it into a corner, then once over and cornering, let the bars flop back down into the corner. Doing that on a DS2 would be too damn hard. It is a "game" after all and it should be fun, not a punishment. (Mission 34 anyone?)
I think left on the stick to lean left and right for right should do fine.
There's bound to be a Euro release, the market in europe will likely be bigger than the US. In the US, cruisers/choppers/hogs are the main market sector for bikes, in europe it's different. All markets have individual preferences, Germans like adventure sports (R1200GS, KTM Adventure, V-strom, etc.), Italians like their naked streetbikes (Monsters, Z1000, Speed Triple, etc.), and we Brits can't get enough of Superbikes with as much power as possible (R1, GSX-R, 'blade, etc.).
The chances are, proportionally, Europeans will buy more copies than those in the States. It's too big a market to miss for an extra coding sequence that's done on almost every game released.
Considering it's the first "TT" game, I'm guessing it'll be more like GT 1 than 4. Not graphically, it's physics or interface wise, but in it's gameplay characteristics. Think how many cars were in GT1, and manufacturers, not too dissimilar to the figures for TT. So I'm not expecting anything other than roadracing with a reasonably small number of race events. After all every bike mentioned is NA, RWD, and mid engined, throwing the 4WD, FF, FR, MR style races in the toilet. You'll get some back using CC grouping though. Judging by the inclusion of the Sprint ST and VFR, there will be a sports-tourer championship too. The one I like the look of is shown in the video, a whole bunch of big nakeds with white number boards on the front and sides: 1980's AMA superbike! Nowadays you're looking at ZRX1200's, XJR1300's, GSX1400's and Honda CB1300's. One of the best race series ever back then, so many excellent riders, like 500's in the early 90's.
Whether PD can get a licence for WSB or MotoGP or not, I expect race specials will be available; either obsure real ones like endurance championship/suzuka 8 hour bikes or fantasy ones like, say, the FTO LM.
Whatever happens I'm looking forward to it, if only to be able to charge into Grand Valley turn 1 on a GSX-R, backing it in! Then a nice long slide on the exit...
Kurtis.