Allright I really want to believe you here.
Just tell me were I go wrong (I'll even number my train of thoughts for your convenience

)
1)Creating shadow map is basically doing a simplified render of the scene from the lightpoints viewpoint, z-buffer of this render is your shadow map.
2)Only shadow-casting objects need to be rendered, so basically this is the bodywork of the car + buildings and trees...
3)impossible to pre-calculate all possible shadow maps and store them in memory since the cars bodywork does a complete 360 degrees during 1 lap + the combinations with trackside objects would be very very numerous.
4)Reducing the jaggies in the shadows means rendering higher resolution shadow map
5)Seeing the size of those jaggies, doubling the resolution would probably not be enough. You need to go way higher res for smooth shadows
6)rendering things in much higher resolution must mean some kind of cpu/gpu load increase. (Dont know ps3 Hardware enough to know where this calculation would take place)