First of all, the game is using Anti Aliasing.
Structures around the circuit are all jaggy free. Even the car shapes are free of any jaggies. The electricity cables in the Eiger level are also free of any jaggies, even though that such very thin objects always tent to have jaggies.
Second, grass and other very small details are alpha blended, this means they're smooth and flicker free. Games like the old Far Cry are full of such flickering environment.
Third, the texture filter is high quality, top level, no flickering. They(PD) now implemented even a higher glare effect to the tarmec and still the texture filter can handle this.
Those jaggies, many people are reffering to are caused by two side effects.
Jaggy self shadows: those shadows don't have any jaggies because they are not modeled with 3D polygonal shadowing as seen in games like Doom3 or Prey. Such technique would enable Anti Aliasing for the this shadows aswell. Later on, such shadows need to be smoothed(soft shadows) or otherwise you will get razor sharp shadows. The drop shadow is indeed done with 3D polygonal shadows, and therefore very sharp. So, they are using a different, more old school self shadowing effect which is somehow smooth but seems to be aliased aswell.
In the new level, the high speed course, you can see that this new level is able to smooth out those, OK, let's say jagged self shadows, BUT only in this new level. The others still suffer from 'jaggie shadows'.
And for the other 'jaggies', seen on cutlines and thin spoilers on those cars:
They are not caused by a bad AA but rather a mixture of two reasons:
a not that high quality specular map - I suppose that the specular maps are compressed -
and very, very, ultra thin details, where even the best AA level canot smooth out all jaggies.
Just compare GT5P with the very first release, GT5 HD: The car was much closer to the camera, and therefore less jaggies around such details, because those details were 'bigger' aswell/closer to the eye
Games, that don't suffer from such side effects of great graphics, are for example Sega Rally Revo. Same AA level, but not so much car details and the specular and bump maps are not so compressed. Cutlines are done a bit different in this game
What really strikes me is, that this game, in my opinion, is indeed jaggie free, while many others complain about jaggies. Games that don't use AA, like VF5 or UT3 really have issues with Jaggies. Maybe you should compare GT5P with such games and see the difference. I own all three games.
And yes, I have to say, that the game does look like in those PR screenshots, (except those jaggies around spoilers and cut lines and shadows but just a little
)
Oh, and by the, PD officially announced AA shortly after they said it couldn't be done along with HDRr. (Oh snap... it works)
your TV's contrast and sharpness level are set too high. I assume that it's above 50% of the overall levels. LCD TVs always are set to a too high sharpness level factory wise so they shine when watching TV signals. It's an old trick.
