I ended up getting this game again, borrowed from a relative, and its greatly improved from when I last played it earlier in the year. The Red Bull vehicle is just insane, its terrifying and amazing and really helps elevate the game. Adding a in cockpit view to all the cars is exactly what I wanted this game to have from the start, it improves the game immensely.
I still think the sound though is just such a detriment to the game, its just so bad with so many vehicles. I bought a LFA and was so disappointed with the way it sounded, it was heartbreaking.
Even with the sound issues that are a punch to the gut, I think I will end up buying this again. With all the improvements and the DLC (I wish there were new cars in it, but still good stuff) coming I think that GT5 is now delivering on its promise of what I hoped it would be a year ago. At the end of the day the two main racing sims on consoles, for me, are absolutely fantastic compliments/companions to each other and it really is worth having both.