Racing GOTG? Quite possibly yes.
Forza Motorsport 3 could quite possibly be the racing game of this console generation.
Yes, I know that's quite the thing to say, since Gran Turismo 5 isn't out yet, but hear me out. I have a few good reasons why.
I think the first place to start with is the car lineup. There almost isn't a bad car in the 400 + vehicle lineup. I'm not naming names on the awful ones, Chevy Aveo and Scion xD, but there's more than enough classic and contemporary Ferraris, Porsches, Lamborghinis, Chevys, Fords and Nissans to go around. What makes this even better is that all of the cars are unlocked for quick play mode. Want to get behind the wheel of a Lamborghini Reventon or Porsche 959? No problem, just take a spin in quick race.
The graphics are clearly a step up from Forza 2. The car models look nice, the backgrounds are realistic, and the interiors are all well done, although I would have liked to have seen the hands do some shifting. But that's a minor complaint. It's all believable, and that's great, since it is a racing simulator, after all.
The gameplay mechanic that has me so happy is the rewind feature. The cars all handle realistically, and the driver aids do a good job of keeping things accessible, but the rewind feature is what keeps things great. Take a turn too wide? Did you crash? Then go ahead and rewind. This little feature will keep the frustration levels low, especially if you screw up in an endurance race. Now, you can just rewind instead of restarting. Ingenious!
Season play also helps out. It cuts down on the grinding by letting you choose what to do next. You can always go back and do anything you skipped out on, but giving you the choice keeps things flowing smoothly and keeps things interesting.
And I haven't touched on the photo mode, livery creator, replay videos, or the auctions and the storefront. There's plenty to do in Forza 3.
I can't recommend this game enough.