Just released at E3 is this tasty new HD Forza Motorsport 3 trailer as well as some gorgeous high-res screen captures that help us think the new game will give Gran Turismo 5 a huge run for its money.

The most obvious comparison to make is to Sony's Gran Turismo 5 due out on PS3 sometime before the next millennium, most notably the precise and cleanly rendered real-time visuals that Turn 10 Studios have created for their newest console-racer king of the hill.

Looking closely at some of the cars represented in this preview and you'll notice a 2009 Corvette ZR1, Aston Martin DBS, BMW 135i, BMW E92 M3, Audi R8 5.2L V10 among several other new comers and the inclusion of fully rendered and modeled interiors for the first time in the Forza series. The final list of cars will exceed 400 from 50 various manufacturers with each and every one having the ability to be fully customized as we've all come to know and love in the Forza series.

Also included are over 100 true-to-life global racetracks ranging from locations in Spain, Italy and the American Southwest which will feature both standard circuit and oval events as well as the long-awaited and heavily rumored drag racing and drift events. A new feature to the game will be the inclusion of a race calendar in which the player will be able to participate in a personalized 200+ event racing calendar. Cool stuff indeed.

A firm release date is not yet set, but we're guessing Microsoft will release Forza Motorsport 3 just before this year's Christmas season to solidify their crown in the console racing wars. [via Kotaku, YouTube]