Although performance points are supposed to be a better guage than HP/weight, it's probably not a perfect system. So has anyone discovered any exceptional cars for a given PP value?
I haven't heard of a perfect system for gauging relative performance of cars. There are means that can probably get you into the ballpark fairly well, but there's always things that you're neglecting when employing any system I've seen discussed.
PP is a fairly decent "ballpark" gauge for general performance, but there's still things that it doesn't take into consideration from what I've read (including proposed in this topic already), but a generalized performance may not be sufficient for extreme scenarios. What I mean by that is, for example, if you're in a race on the Daytona superspeedway, a car's brake performance or low/mid-speed cornering performance isn't of any real value, so a car with most of its PP coming from pure speed should have a big advantage over a car with much of its PP coming from other factors. Conversely, a pure speed car with a certain PP rating should get dominated by a car of similar PP rating but for being much more capable under braking and cornering.
Look at the Bugatti Veyron as an example of my point. According to MyGranTurismo, it has an initial PP rating of 638 and has went up to 734 PP. The Enzo Ferrari has an initial PP rating of 584 and going up to 645. It lists the McLaren F1 '94 as having an initial PP of 611 and up to 676. From the looks of PP ratings one might expect the Veyron to win handily against either the Enzo or McLaren F1, but if we're taking this around Monaco ("Cotex Diaper" in the world of GT) or Laguna Seca, I'd rather have the the McLaren or Enzo, I would think.
Looking at power-to-weight ratios isn't any better. Again, it completely ignores other performance factors. If you have a car that weighs two tons with 600 horsepower and I have one at just one ton with 300 horsepower, we both have the exact same power-to-weight but we're probably not going to be equal. You might still have a top speed advantage, but I'll probably accelerate farther and corner better. If we're on a superspeedway you may ultimately hold the advantage but if we're weaving about Monaco I may win. Power-to-weight also completely ignores our weight distribution, drivetrain, downforce, gearbox (does your gearbox take you to just 120 MPH or 205 MPH?), et cetera.
In Forza, PI (Performance Index) seems to take into account everything (or pretty close, as near as I can tell). Even if you do have a system that takes into account all aspects of a car's performance, it still isn't perfect because you can still have scenarios in which you want more of one aspect than another.