Volumetric effects are nice, more details are certainly better but some places can look much worse than others. And there are lot of those awful looking places. Still huge pop-in even on maxed settings (PC). No Ray-tracing. Character models looks like from 2000s. Steering wheel animation is laughable (same since FM3) - its just mirroring your controller analog stick with limited rotation angle which destroys cockpit view immersion completely. Car models looks the same as FM4, maybe few tweaks here and there. Clouds looks good until you actually look at them for a minute. Weather looks meh - famous "sandstrorm" is just yellow filter applied, with basic "fog" effect - it's not volumetric when you inside the storm. That's all not looking even remotely close to Driveclub. I know that Driveclub is 30fps and not open-world, but still I expected much more details on important things like cars and weather, not just added content.
And that's my personal biggest problem with FH5 - it did nothing to make the game more deep. It's not more realistic, nor more realistically looking - almost anything looks fake when you actually look at details.
Sounds are much better in FM5 than FM4, appreciated!
At the same time Ratchet and Clank is one of the very best looking games to date.