I'm cautiously optimistic of what we'll be getting.
Now, what that "something" is, is completely up in the air. It would be nice if CM II is an HD version of the monster track layer in ModNation Racers. The terraforming part, probably not. But if we can add elements to the trackside like determining where spectator stands go for instance, that would be huge. If we can determine the course as its laid out, that would be huger.
In fact, that would be incredible because we could make our own version of Midfield or Red Rock Valley or Hockenheimring. Even better, if we can have alternate routes, that would be a fantastic improvement. And then there's another thought: what if the classic tracks were templates in Course Maker II?
Something like that should make just about everyone happy. And clearly, PD are trying to give us a huge playground to play in. The big CM may have to wait for GT7 and the PS4 to render properly. But if they can squeeze in something just 10 x 10 miles or so, that seems roughly the size of the Nurburgring area. Zahara seems to be a special case, as Terronium-12 mentioned that Kaz was planning on releasing it back in February, but something caused that plan to fall apart. Maybe it wouldn't run well online. Maybe getting it to work on PS3
at all was a problem. That is a huge area with long draw distances.
PD are a bunch of wizards, so hopefully we'll get word on something magical this summer.