Finally grinded through the bore that is Mad Moxxi's larger tournaments and just as I finished my order of GT5 from amazon finally turned up (after being delayed due to "act of god") so I immediately cracked it open and installed it. It only took 30 minutes compared to the 1 hour plus some people reported which was nice. Maybe having over 180Gig of disk space free (I have an original 60Gig PS3 upgraded to 320Gig) so there was not too much disk thrashing.
 
Moving on to the game itself, once you start to poke around the menus there is an awful lot of content stuffed away in there. I've only had a couple of hours so will report more once I get a chance.