Everyone says that if GT5 will have damage, I think PD stated the same, is that they wanted to do damage RIGHT. I am bit worried about it, sure I bet the cars will have decreased amount of performance once hit something, but I think it wont be made RIGHT. I believe PD will have slight Body damage with slight to medium performance changes.
We really do not have any news on how DAMAGE will be like, and that is a big worry, PD always advertizes on what new cars will be in game, like the new Ferrari Cali, New Citroen Concept, or even a new and old LAMBO, but they did not even show us ONE single pictures of how car has visible damage. And seems it is taking them long time.
I really hope that once you crash, game over with the car, either fix it or buy a new one. I doubt that will happen until GT6. But at least PD should have minor to medium body damage but Med-to High Performance decrease.
I also worry about 24-hour cycle and at least Rain effects.
I guess small preview on Weather effects is that SNOW in the main menu screen with wet ground. But I do not think PD will make a game with RAIN effects and 16 cars at same time, if they succeed I would be amazed.