The thing with those static 'behind the car' camera angle pictures posted on the forums is that you wont get a feel for the lighting. Which is hugely important imo. The dynamic lighting really sets it apart from what you might see in GT4. So seeing it in motion is definately key. The self shadowing for example in motion helps you see where those extra polys have been put to work when the car drifts around a corner or goes through a tunnel and the sun is shining on the car from a different angle. Things you notice that you wont see in regular screen shots. I'm not saying camera angles dont matter, because they do. It's just that theres a lot of factors when considering diminishing returns. And you wont get half of those factors from regular screenshots.
Look at this for example.
Not exactly a huge jump between them, from this sample they could be 2 different racing games on one system with the same cars and a similar environment just one not as good looking. But you see them in motion, at their respected resolutions and you will see a huge jump between them. Especially in the lighting, car detail, and texture work.
Now getting back to the camera angles. The extra detail/polygons can have very positive effect on gameplay and graphics you couldnt have before. The in-car camera view for example:
All those polygons you dont get in GT4 will be used in other places not seen before. Diminishing Returns? I just can't agree with that.