SPE power isn't going to be the limiting factor when putting multiple cars on the screen at once. It is going to be the six fold increase in polygons, cubmap calculations, shaders, texturing, etc. that are all going to fall on the lap of the RSX... not Cell.
But how do you know that the current engine isn't capable of already displaing at least 5 more cars on screen? Just because the demo doesn't include it, doesn't mean it can't.
If this is infact the GT5 engine running, it would unreasonable to think it's pushing out more for a single car than would be possible for the final game - but is the real engine running with little load to give a sneak preview for the final game.