Project CARS, is coming out for the Xbox 360, PS3, Wii U, and PC in mid 2013 (buy it for the Wii U or PC--if you have a good PC). The video (make sure watch it in full-screen, and 1080 HD) above shows how the shadows, clouds, and lighting in the game changes over time, it's amazing, though I do have one compliant: most of the clouds don't have shadows. Then again, the game is still in the early development stage, and they have a year to fix it.
^Love the the detail in the trees^
^Love the the detail in the car^
Project CARS looks like it's going to be a very cool (and realistic) racing game.