I think people tend to un-do their own arguments by trying too hard.
The opening video looks OK to me, both look like games, GT's accentuated look is pleasing on the eye but hardly realistic either.
I'm looking forward to GT;S, but of all the reasons, photomode and accentuated lighting don't feature on my criteria for getting excited about it.
I will say that I don't fully understand why T10 have gone for that really bland/flat look on certain tracks, they don't seem graphically challenging, maybe they just did them in a rush.. I think if they went for the same nuclear reactor levels of sunniness as GT, things might pop a bit more and invite less obvious comparison.
I will say that I was disappointed with FM7 visuals when it was announced, the screen shots/videos did little for me, but as with all the reviews, on firing it up, I was very surprised that the overall effect when driving is a reasonable step on from FM6, and their implementation of rain/weather in general is a huge leap forward for them..
I think both franchises need to learn from each other.. I'm not sure what good wasting time on having the best photomode does to the actual game.. do I need all that crazy detail modelled under the bonnet/hood? Or would I prefer they optimise race features?