amar, do you believe we'll see a Spec 3.0 update?
Most probably, yes.
I think we will find out many details about future of GT either on E3 or on Gamescom (or TGS latest).
Since all details are now talking about PS4 being released no earlier than late 2013/14, I doubt PD will wait so long to release GT6 for the new platform. So either we're getting GT6 on PS3 (I personally find it most probable), or we're getting GT5 updates in much more regular form through 2012 (including 3.0 and later) with GT6 being released sometimes in 2013.
We can all agree how the current GT5 code has changed dramatically through past 18 months and how it was also more-less an old-code even on release (2009 code most probably).
If they can do just few upgrades to GT5 (I'll post them below) they could very easily make it as another standalone product and sell it as an GT6. Foundations of GT5 are great for that. Here are the details I personally find plausible to justify a new standalone release and everybody would be damn happy:
> rehash of plethora of the "Original" circuits (as well as other circuits such as incoming Motegi, rumoured Bathurst, etc) with spiced-up course count and daytime/warther changes for more circuits
> adding additional 150-200 Premium cars (we know they've been seriously officially hiring for modelling department prior to the earthquake)
> further "makeuping" the Standards with more tuning options (I do not want to lose the Standards, but that is my personal plegde)
> deploying completely new offline Career structure (including expanded Special Events races, more dedicated A-Spec events, return of Mission Races, etc.)
> inclusion of Leaderboards (GTAcademy is a great stress-test for servers) and maybe Official Matchmaking (lacking since Prologue) and revamped Seasonal Career (with plethora of data they've collected in past 18 months they can pretty much see the pattern of popularity and such to a great detail)
> expanded Course Maker functionality (up to 20 new environments would do miracles with added option to adjust the sloping of the corners, inserting chicanes for selected type of environments <racing tracks> and added option of point-to-point courses - as we seen in GT5 pre-release videos and GT5 Rally section the game, then mysteriously disappearing from the Course Maker final release >> imagine the Online Lobby with 14 players tackling the generated P2P course in the real-time, without any of them previously seeing it and post-race results and ability to make a Championship for instance. No brainer I think)
> Expanded B-Spec functionality- at the first place ability to race B-Spec races in online in real-time with your friends. I still can't comprehend why can't we do that and that would be glorious to do.. on the second place it would be dramatically expanded B-Spec career (I LOVE B-SPEC) with Remote Racing being compatible with Career races and such and even greater online integration
> Expanded Online MP - inclusion of Teams (players can jump into teams in online races and play for team score for instance), inclusion of B-Spec Team (I can have my B-Spec bob changing me in online Endurance MP races), inclusion of Online Championship (predetermined set of tracks for Online MP and aggregating the scores for every race)
> new Photo Travel locations (rehashing 20 locations for GT4 would be a great start for instance)
..and we have GT6.
But nevermind the dreams, I see 3.0 incoming very soon TBH. Probably announced at E3, Sony has to have very strong 2012/2013.
And we still have to see what has PD done for Vita (if they've done anything) and what is going on with the Tourist Trophy project.