Graphice exceed the PS2 without doubt IMO, especially with the amount of rendering done in the distance. However, the PS2 still manages to look more real at times... oh, dunno, just shows how good GT4 really is i guess!!
Lots of cars available, and lots to win too. Modding section is damned good, in fact, its deffo better as you can see torque and power curves and mod em as required which helps with gearing choice!