No other racing game that looks better has been RELEASED yet. One should expect non-rushed racers, coming out after it, to look better. The game has insanely detailed tracks. There are plenty of fully 3D trees on tracks too.
Now the Ring...yeah, there's a MASSIVE mix of 2D and 3D trees. Heck, even 30fps games like DC use 2D trees at a distance. PCars uses TONS of 2D trees (although it isn't out yet). In fact..I've yet to see a racer that doesn't implement 2D trees (even those with LOD 3D trees).
The shots above are from the Ring. There are hundreds of thousands of trees on that track. It's the best looking Ring to date. I've not played a single game to this point that has a Ring that looks this good.
The game looks great, even sitting still, for a 60fps sim.
Have you stopped and looked at the scenery in PCars on PC?? Some of it makes F5 look god-like...