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I think so far FM4 has shown elements of different "time of day races".
It has not yet been confirmed that "dynamic time transitions" are in the game.
More so that events can take place under different time of day/lighting conditions.
T10 have stated several times that FM4 will be the best looking game this year (a very bold claim).
They wouldnt say that without good reasoning would they? So it is very likely we have lots of very impressive things to see yet.
I'm not holding my breath with that claim in regards to certain elements of the graphics. I just don't think these consoles are powerful enough to bring the fidelity that I'm looking for in a picture (no scrolling lines, jaggies). If they could get rid of that, or have gotten rid of that then I'll claim ahead of time it will be the best looking game this year otherwise I'll take that with a grain of salt. But judging from the vids I've seen I have seen the scrolling lines so I already know what to expect.