As any engineer will tell you. 👍
I hope they can make as many locations (including photomode) as they can full-featured in this way. I think there's an issue with the quality that is possible with the "dynamic" lighting for time change that may mean some tracks look a bit rough - I expect this to be due to the shadows and will vary in unpredictable ways from track to track, depending on the sizes of shadow-casting features and their locations relative to the the track (player's viewpoint).
The weather appears to be easier; the only challenge seemingly being to get the right sky textures and blending etc. since all you do is turn up the ambient term (or whatever equivalent they're using for "ambient" lighting) and turn down the direct lighting portion when it clouds over, then turn on the fog when it rains. The problem with the ambient lighting is using a diffuse / baked shading in the scnery that has ambient occlusion-like properties that works in both the sun and under cloud. There might also be difficulties with the wet / dry surface shaders and certain tarmac textures etc.
The tracks would have to have been built for time change from a low level, though, certainly. That might mean some returning tracks from GT5 especially won't get the treatment, whilst more of the new ones will. Perhaps.