Firstly

at
Foolkiller's post!
Anyway, I think half the problem is that
people expect to see
**** like this, when in reality those things take days to compute on solver clusters...
People keep bringing up how other games have amazing damage...
GRiD:
1 2 etc... Top of the pile visually, in my opinion!
Colin McRae Rally 2005:
Mac OSX Standard Codemasters fare, pre- DiRT / GRiD.
Colin McRae Rally 1:
1 This is the best I could come up with...
Enough picking on Codemasters!
GTR Evolution:
1 Nothing "spectacular"
LFS:
1 2 3 Some cool, if questionably accurate, deformation, but no detachment etc.
Carmageddon 2:
1 2 Full deformation and detachment, ahead of its time!
The 'tube
GTA IV:
1 2 Not strictly racing, but certainly above par for the current gen'.
With mods
Forza 2:
1 2 Fairly average for the time
Forza 3: ??
End of this vid
Youtube is actually a better resource, but I'm bored now; just search for "[gamename] crash", lots of people seem to like crashing
So, basically we're not seeing the body panel deformation that was in the E3 video... yet (?) The detachable components are about average (ignoring any "issues" regarding effort/force required to remove them - Arcade mode!)
Whatever happens with the final game, I too am confident of a hack appearing at some point... That's assuming I'm right in thinking that all cars can (fundamentally) be damaged in the same way, due to their "modular" modelling technique.
[disclaimer] None of the above-linked pics are mine; they were found with the power of Google [/disclaimer]