It's not true true true 1080P but it's as close as you can get to 1080P without actually being 1080P 100 percent. It's still much more intensive than 720P, and it runs at 60fps. Well...
HD resolution is determined by vertical line height, that's why Halo 3 is 640P or whatever, it's not 640P by 640P, the horizontal lines form the aspect ratio.
GT5 has 1080P vertical lines. It's not 720P upscaled or anything.
The standard resolution/aspect ratio of 1080P is a frame resolution of 1920×1080.
It's probably the most technically impressive, and best loking, console game out there along with Killzone 2.
The game is throwing around double the amount of polygons per the average car in Forza and PGR, with 16 cars on track, so the Equivalent of 32 cars in PGR4 (PGR4 can't get anywhere enar that number), at 1080P 60fps.
THere are a lot of innacuracies in the show this week, like saying that the PS3 uses an off the Shelf GPU, or that it only has 256 megs of ram.
Also, they seemed totally oblivious to GT5 getting car damage.