(With GT5 I'm new to the GT series and I've long been at Level 40, so I don't "miss" it per se, but it's something that would've been nice - even if it simply allowed us to move things along anywhere from 10% to 25% faster than real-time...)
It might be, but I don't particularly think it's a question of a PS3 limitation.
If they were able to make the game run on the PS3 in real-time with all these variables, what's the big difference with an additional minor coding subroutine that tells the system to speed things up?
I also doubt it's a case of PD wanting us to have more interaction.
If that was the case, why would they let us throw our B-Spec Bob into a X2010 against significantly slower cars?
(I do this all the time. It's what I like to call "The Ron Popiel Method" of B-Spec - "Set it and forget it". Just a periodic check and button-clicking to cycle through the menus every fifteen or so minutes, and I guarantee I've earned 866,000 credits in the Dream Car Championship - unless the game crashes, which will happen on average once a week or so.)
I offer a different theory as to why it's not a part of GT5 - they ran out of time. (OK, I say this without knowing whether it was a part of GT5 Prologue because I've never played or even seen it, but even if it was in Prologue, that doesn't mean it would've automatically transferred over with the platform start for GT5 that was Prologue.)
It's no mystery or surprise that GT5 on the whole was not as "complete" a game as the GT Community - or even its creator Kaz - had hoped for. I just think that it's something that if we'll ever see it, then it will be included in a future patch.
Off-topic, instead of a speed-up option in B-Spec, I'd much rather see some sort of "rewind" and "fast-forward" options added to replays.
Just my $0.02 on the topic.
Peace...