GT5P still looks better.
I agree.
Ployphony did SOMETHING with the lighting that no one else has figured out how to do, and it looks awesome.
GT5:P is only 720P though with 2x AA. The huge image quality difference is more noticeable than whatever lighting advantage GT5:P might have.
I've played GT5:P on the same monitor and it doesn't look quite as good as Grid with maxed out settings at 1920x1200.
Grid's graphics does seem to have been slightly downgraded from Dirt in order to have a smoother framerate.
It's a shame that they couldn't tweak the engine to run with the same visual fidelity but with a higher framerate.