Do you consider official images and video from E3 of this year, a mere 2 months ago, to be "old" footage? If so, then yes, I'm basing it on old gameplay footage. Look at the model and texture in this pic, and tell me that isn't straight out of GT4, just higher res....
Racing games have come a long long way. Based on original racing sims, watching the shock absorbers flex is wonderful. You can feel the bumps.