March 2010 for Japan, and as for worldwide no annoucement yet.
http://g4tv.com/thefeed/blog/post/699454/Tokyo-Game-Show-2009-Sony-Press-Conference-Liveblog.html
Features
20 Locations, 70 Tracks.
Physics: New physics, Damage, Movable objects on track, hybrid and electric cars properly simulated.
Arcade: Single Player, Split-Screen 2-Player
GT Mode:World Map, My Garage, Car Dealer, Tuning Shop, Championship Race, and License Test.
Online: Open Lobby, Text/Voice Chat, Private Room, Online Photo Album, Online Replay Album, and you can export replays to YouTube.
Photo Mode: Photo Drive, Photo Stage
GT TV: Improved UI, export of videos to PSP, and progressive downloading.
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