Just watched the trailer for this, and it looks amazing.
Im not going to be suckered in by Sonys pre-rendering and claiming its "In Game Footage" but if it looks anything near like what the trailer does Ill be very impressed.

I think its supposed to be out Q4 2006.

Is this the trailer from before the PSP was launch with the Ford GT40?

If its trailer number 1 then yes.

Its been there for an age
Dont know whats going on with it, was a no show at E3 as well.

Hmmm.

It would be mad to not have GT on the PSP!