Just got GT5 the other day finally and I gotta say that it's pretty impressive, but the camera choices are disappointing to say the least.
Though hardcore racing sim fans will argue that the exterior camera is irrelevant, I consider myself a hardcore sim fan and I still appreciate the fact that you can take advantage of the scenery and visuals of the car something you can't do in real life while your ride is in action, so car fans may as well utilize the option.
Though I would like to have a 360 view of the car, I think the exterior camera needs to be scraped all together and redone. It's a mess. It's stiff as hell and the cars look like tiny RC cars on a massive track( some of them anyways like the Camaro SS premium) I'm still waiting on an update for camera choices man even a camera editor would be nice give us the option to edit cameras and view the cars the way we want to during a race. Shouldn't be difficult no graphics additions need to be made it's just pure programming.