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I think you need to closely examine the GT4 photomode shots you might have on file and see the rough edges, obvious texture gradients and fuzzy details, because they have not aged well at all.
And regardless of FM3's lighting engine, if you get the settings right, the cars look far better on-screen than GT4's last-gen cars. To say they don't is blind ignorance.
GT has never compromised on its car graphics and it's a farce that they are this time, having made the fans wait so long. The premiums might be able to claim they are far ahead of any console rival, but the standards - which might include your favourite car - are going to be PS2 models in a PS3 environment and will essentially still look as they did in photomode shots. If that's good enough for you, so be it, but don't claim they're accurate, because they are too rudimentary to be accurate.
Hang on... If they were accurate models, by last gen standards, what's happened? Nothing, that's what. They're still accurate, to the resolution that they've been, well, resolved to. The problem is one of detail, not accuracy, since accuracy is independent of resolution. Think about satellite imagery, it's pretty accurate, but you couldn't see your house in it. That's where aerial shots come in, for higher resolution detail - it may or may not be as accurate, since aerial shots tend to have skew as a result of taking from different angles, i.e. usually not straight down.
The standards will look better than they did in GT4's photomode, owing to a higher resolution cube-map for reflections and better lighting (higher resolution, and including more features). The textures of course, will look the same (outside of better filtering techniques), and the silhouette of the model will obviously be that of the low-resolution mesh - but that was evident in GT4, too. This kind of silhouetting is still evident on the Premium cars.
The point about overall art style raised a page or two back, is more important than absolute resolution. Richard Burns Rally has some of the best consolidated lighting and textures I've ever seen in a racing game - it looks realistic, despite the obvious low resolution textures, models and effects.
Gran Turismo's visual art style is usually impeccably well integrated across all assets - but they have always compromised. Things like smoke and particle effects, reversing lights, 2D trees, skidmarks, damage, texture resolution, 6 cars on track etc. etc. Everything in (software) engineering is a compromise.
Most of the time the cars are going to be at a lower Level of Detail than maximum (especially the Premiums), so it's only when you come up behind a Standard, or get really close to one in a replay that you'll have the chance to really see the difference - most of the time your attention will probably be elsewhere anyway. Not to mention the Standards will probably not have any pop-in over the middle distance, since their poly-count is so low, their maximum LoD level can extend much further before a switch is needed - unlike the Premiums. Photomode is a problem - you'll probably have to avoid mixing Standards and Premiums in the foreground.
It's not like the Premium cars represent photorealism (hint, they really don't) - it still looks like a game, so the Standards won't be the only thing responsible for preventing suspension of disbelief and, hence, full "immersion".
This is the same with any game.