You'll never have the full driver's experience in a game, it's impossible to replicate fear, g-forces, and the unpredictability of driving. Unless gaming console somehow manage to give you a totally sensory experience, which really only puts an imagine of the computer things from The Matrix films.
However, I think this next instalment of GT will probably get as close as you can for a video game, or at least be as close as anything else has come thus far. Whether this will make for an enjoyable and entertaining video is another story though.