The physics are SUBLIME, RWD physics are some of the best I have felt, cars like the M5, the IS300 and the fox bodied 93 mustang handle amazingly, I was worried after the demo, but they are improved from that IMO.
They are the best physics available on a console, bar none, and in RWD, bordering on LFS levels.
The AI is some of the best I have raced against, they are aggresive, yes, and will try to stick it up the inside, but other than that, best AI yet, they are aware, and will (mostly) position themselves accordingly.
FM3 is not without its flaws, the some of the career mode events are a piece of cake, simply because they can take a car that will blow them away and use it, but if you are sensible, and take a competative car, then you will have a good race.
Graphics are, I'd say, the lowest point of FM3, sometimes it looks outstanding, other times its a bit meh.
Sounds are top notch, however, the exhaust upgrades don't affect the sounds.
Tuning and customization is second to none, always has been, and IMO, always will be, FM is in a class of its own in this field.
MP, unless you have plenty of XBL friends, is a let down, as the public matchmaking system is currently poor.
Overall, its a top class racing game, best there is currently on a console, and some of the best physics around.
Right been playing for a fair while now, still only 4% through it though lol.
First impressions were that its fm2 with shinier graphics. Racing more and more though I would say it is not a whole new game interms of physics but that is down to fm2 being good. FM3, personally speaking, is like Turn 10 took FM2 and fixed alot of what was wrong with it. I would have to agree with danowat about the physics too. Even playing with a controller you get a sense of weight. I haven't played with the Lexus IS yet but the BMW M5 is sublime.
Also, while the updates in terms of storefront etc are not everyones cup of tea in a racing game I am really enjoying it. My running total for today is £93k from things I have sold which had gone to funding some of my car purchasing
Found a tasty little paintjob for the Fiat 131 Abarth earlier. Currently using it as my F class racer.
Greboth, like I said earlier, Rockstar paint job is awesome. I'll fetch some pics of it later on. I'll have to check out your storefront too as you must be selling more than just the Rockstar paint job.