Welcome to Gaia! ::

The following games have been announced at E3 last week. Systems vary depending on license and company making it.

Gran Turismo HD (codenamed: GT5/TouristTrophy2)
- First ever SCEE racing game to combine Gran Turismo and Tourist Trophy into a single package.

Moto GP '06
- Rehash of the best selling MotoGP game for the Xbox brand, MotoGP 3.
- Free demo available on Xbox Live Marketplace.

Forza Motorsport 2
- Xbox's return to simulation racing, sequel to now "Platinum Hit", Forza Motorsport.
- For the first time in the series, stock BMWs, stock Lamborghinis and stock Nobles that can be modified into pure racing machines.
- 4 new real-world tracks designed so far, one of which being Sebring International Raceway.
- 300 cars, double the number from FM1.

Test Drive Unlimited
- Race supercars, muscle cars, and street motorcycles up and down the roads of Hawaii. Yes, Hawaii.
- First ever console MOOR, Massively Open Online Racer.
- 125 Vehicles.
- "Time-limited" demo on Xbox Live Marketplace.
- The worst racing game of the next-gen that I've ever seen, and the biggest disappointment at E3.

Formula 1
- SCEE's first next-gen foray at a racing game, to be pushed for a launch title.
- Full, all out simulation of the 2005 Formula 1 season, including liveries, driver likenesses and V10 F1 power.
- Full damage selectable.
- Simulation Sanctioned by the FIA.
- Game is apparently built, and being used to train current roster Formula 1 drivers in preparation for races. Unofficially approved by Kimi Raikkonen and Jacques Villeneuve.

and the one everyone has been waiting for...
Prepare to be... "disappointed" so far...

NASCAR 07 for PSP(tm)
- Fight to the Top mode
- 4 player Wi-Fi support
- Lightning Challenges and Thunderplates return
- NEW! Driver Attributes: A driver may be a specialist at certain tracks, so his attributes reflect those abilities.
- NEW! Multiplayer Season Mode: Using PSP's WiFi, 4 players can compete head-to-head, or 2 versus 2, in a short or full season, using driver attributes. Exclusive to the PSP.
- NEW! Mid-Race Saving. Need to stop the race and not waste battery life? Use mid-race saves to pull out the red flag, and save your exact track location for another day.
- NEW! Instant Rewind. Ever screw up late race and wish you could take it back? Use Skill Points and turn back time to correct your mistake and take the win.

(No NASCAR game announced for the consoles. Yet.)

Need for Speed: Carbon (codenamed NFSX)
- EA's 10th installment of the Need For Speed franchise.
- No other details, besides the rumor that it is a direct sequel to Most Wanted, and will include all of the Underground 2 items left out. (Neons, Sound Systems, etc.)
- Rumored Japanese setting for the game, which would be a first for the series.

I would have added Motorstorm to that list, but I think it's overrated as a racer, but rather an arcade racer along the lines of Burnout.