Doesn't look like it, either. FM7 was a very good-looking sim racer, but FM8 looks virtually identical in terms of car detail, trackside detail, geometry density etc. I guess the resolution is improved?
Going from the 2022 reveal footage to what they've shown yesterday is...quite the step down the ladder. Compared to GT7, its weak in quite a few areas, but does have a couple advantages:
+ Chase Cam (GT7's is too rigid and tight on the car's backside. I love a sexy backside, but I need to see dem hips sometimes too)
+ 3D trackside objects (trees, for example. Both this and GT7 have LOD shadow pop-in on trackside foliage but FM8 seems to have less, or it's less noticeable)
+ Visible car damage (usually an area GT's been weak in anyway, but it's nice the Forza games have it)
+ Some weather effects (particularly on the player camera when in third-person mode. In some instances FM8 has the advantage like with rainy weather)
- Lighting (this is a big one; GT7 has an overall better lighting system and that gives everything a more realistic pop. Also helps with better contrast ratios and highlights) (Also yes I know FM8 has in-game RT but I am talking lighting as a whole; just having RT doesn't automatically mean your lighting will look better.
GT7's mix of non-RT lighting systems and artistic choices give it stronger lighting overall than FM8)
- Color Palette/Balance (This is impacted by the lighting. A lot of FM8's lighting in areas seems kind of flat and that mutes some of the colors)
- Car model detail (it looks like GT7 has more detailed car models, going by the cars we've seen both games share, in-game (non-Photomode))
- Car model material (GT7's cars seem to have better material/textures applied to them, while FM8's cars look a bit "flat" by comparison)