PlayStation are running a Gran Turismo 5 Prologue competition in stores across the UK between 17 and 31 March...
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An article in "Road & Track" on the real-life Mach 5 car from the upcoming Speed Racer film has sparked rumors that the Mach 5 itself could appear in Gran Turismo 5. Much of the speculation revolves around the end of the aforementioned article:

"Special thanks to... Polyphony Digital Inc. for creating a virtual simulation of the Mach 5 that we used for our performance tests."
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Details on tracks, vehicles and more.
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In an email sent to customers, GAME, a leading retailer of video games, has confirmed Gran Turismo 5 won't be released this year, with European PlayStation 3 gamers having to wait until 2009.

The email does, however, promote the March 28 release of Gran Turismo 5 Prologue, which will be priced only £19.99. This early teaser will feature five tracks and 40 cars, plus 16-player online racing.
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Speaking in a rare interview, Polyphony Digital front man and Gran Turismo producer Kanzunori Yamauchi has promised that GT5 will provide a "global" community for fans of the game from the hugely anticipated PS3 title's "online capabilities".

"This Gran Turismo was going to be the first game produced for the PlayStation 3 hardware, so we definitely had to take the specs of the game to a whole new level, he said. "For example, we've increased the number of cars that can run in a single race. We've also worked hard to make the driving simulation more real. For instance, we've tried to give the player more control when drifting the car. Another element is the AI, the cars that you race against. It's become much more intelligent. Also, this game will have online capabilities. Even up till now, I think Gran Turismo has created a unique global community, but the users weren't really connected to each other. Now the community will really become global. This will be a big change."
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Jan 15, 2008 Suspicions of Sony having canned GT Mobile for PSP have arisen once again after months of silence on the title, and its recent removal from certain retailers' online pre-order lists. When speaking to a Sony UK correspondent today, we were told: "Polyphony is currently focusing all its resources on developing GT5 for PS3." While this does not confirm that GT Mobile has been scrapped, it certainly insinuates that GT Mobile has been put on the backburner while the obviously ... » Read More

Sorry, fellow racing fanatics, but you had best get that February 19 date out of your heads; it's simply not accurate. The good news is that Armour did confirm that Prologue would be available in North America as both a retail package and a PlayStation Store download, as it is in Japan. Beyond that, a date and pricing has not been revealed, so anything you see that says otherwise is bogus.
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Kazunori Yamauchi talks about car damage (some cars will have it, some won't), Xmas 2008 release for GT5 (not GT5 Prologue), how he would be frustrated with the Wii, and that the 360 to him is not a true full HD console.

Regarding Damage:

-They are testing car damage, but they have to reach a compromise. He put as example after the curve in Daytona, touching with the back of the car against the laterals can literally destroy the car, because it reaches a force of 150G! Yamauchi doesn't want to destroy cars like that, but he understands that fans want car damage, because it's part of reality. Some car makers don't mind car damage, others forbid it, so there will be cars with damage and cars without damage.
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Assasins Creed, GTA IV, Maps, November Sales, Wii Voice chat and more, all located in this weeks MyArcadePlanet Game Report. Covering Monday December 10th - Friday December 14th, 2007.
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In the newest episode of Garage 419, Alex Roy, had a chance to sit down with the inimitable director of Gran Turismo, Kazunori Yamauchi. The topics of conversation range from new cars, weather modeling, vehicle dynamics, plans for damage.

In the interview, Kazunori confirms that damage modeling will appear in Gran Turismo 5, and possibly in Gran Turismo 5 Prologue in a post-launch update.
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New Yorks Times' Peter Wayner on November 30 published an article, "Some Essential Hardware (Even Away From the Street)", that made some major videogame blunders. The essential hardware guide claimed:

¿ Halo 3 is "the third edition of the Xbox 360 game."
¿ Gran Turismo 5 is "one of the best sellers" for the PS3.
¿ The PS3 costs $299.
¿ Both the Xbox 360 and the PS3 are "built around the multicore Cell processor."

The New York Times has updated the article online to "address several factual errors" and appended a correction note:

"Correction: December 4, 2007

An article in Business Day on Friday about favorite gadgets of executives referred incorrectly to the video game Gran Turismo 5. It has not yet been released, and thus is not a best-selling game. The article also referred imprecisely to the game Halo 3. It is the first game in the Halo series designed for the Xbox 360; the earlier games, though playable on the Xbox 360, were designed for the original Xbox. The chip in the Xbox 360 also was misidentified. It has a Xenon chip, not a Cell processor. And the article also misstated the price of the Sony PlayStation 3. The PlayStation 3 starts at $399, not $299."
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Gran Turismo is quickly becoming the racing game to watch for 2007 and 2008. With a target number of 900 cars, Yamauchi and company are taking the kitchen sink approach of throwing everything in possible. GT Channel isn't a huge fan of this method and prefer the best of the best in its racing games.

The latest news GT Channel scooped out of Japanese sources involves a nearly complete list of vehicles from the upcoming Gran Turismo Prologue Demo as well as a very special car that will be in the complete game.
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"Last night, during the 2007 SEMA Show, Kazunori Yamauchi - creator of the Gran Turismo franchise - and PlayStation hosted the Fifth Annual Gran Turismo Awards at Las Vegas hot spot, Tryst. Every year, hundreds of SEMA Show exhibitors enter their customized vehicles into the GT Awards with hopes of being crowned "Best in Show." What's the big prize, you ask? Much more than HUGE bragging rights, the Best in Show vehicle is immortalized in a future Gran Turismo product for millions of fans to drive!

Check out this video for a taste of what GT Awards is all about". - PlayStation Blog
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Onaxis writes: "The above photo shows a variety of online features that will be supported in Sony's upcoming driving simulator, Gran Turismo 5. Let's go into detail:"
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Didn't like GT3 as much as I thought I would. Or GT4, for that matter. Little dry. But boy, that Logitech wheel that came with them, that thing was great. Best wheel ever. Course it also cost a packet, but hey, authenticity comes with a price. Which brings us to this. Logitech's GT25, which has everything the discerning PS3 racing fan needs: 900-degree rotation, force feedback, a six-speed manual gearstick and even a clutch pedal.
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Polyphony Digital, the creators of the Gran Turismo series and the are teaming up to offer Top Gear episodes for download via Gran Turismo TV on PS3.

GT TV plans to offer users the latest news from the world of motoring and is due for launch in 2008. In this new deal there will be 40 episodes of Top Gear available for download.

We'll also be able to drive on the tracks!
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More breaking information from the world of PlayStation 3 and Polyphony Digital. It appears that Sony is trying to steal the show. And with this week's big GT-R blunder it might just be possible. Sony is doing a better job of keeping its info under wraps, but GT Channel have learned that Sony has bigger plans at the 40th Tokyo Motor Show Gran Turismo Prologue than just a regular unveiling. The big news is that Sony will have a big program and preview for Gran Turismo TV, Online News Service and the demo at Tokyo Motor Show. But you don't have to wait until then for some of what we can all expect to see.

GT Channel had an earlier story with news about Prologue. Now the site has more specifics, Sony will offer a free demo available as a download through the PlayStation Store, the seven cars, tracks and specifics dates that the download will be available--only three weeks total.
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Sony's production team has been making the rounds at different automakers, that's nothing too earth-shaking, but the big news is that Gran Turismo 5 will finally inject some personality into the series. GT Channel has confirmed that the team is hitting carmakers and interviewing key individuals at Ford, Audi, Nissan and other firms for on-camera footage. These interviews will be used in Gran Turismo 5 as bonus footage about the world of cars. Think of it like Special Features or Deleted Scenes you'd find in a HD-DVD or Blu-Ray disc. This is without-a-doubt, what Sony has been touting as Gran Turismo TV.
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An official Gran Turismo page showing-off all of the product collaborations between Polyphony Digital and car manufacturers over the years in the various Gran Turismo series.
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Sept 28, 2007 Sony has said that it will be pulling freebie racer Gran Turismo HD off the Japanese PlayStation Store on or after September 30. It's not because it's bugged or anything like that. It's because there's another GT racer in the offering in the form of Gran Turismo 5 Prologue. There's been no word on whether the same will happen in the US or Europe but we suggest you grab it now just in case you haven't already. Gran Turismo 5 Prologue should be with us late this year - fingers ... » Read More