Dan Greenawalt of Turn 10 has just taken the stage at the Microsoft presser to announce Forza Motorsport 3. He was pretty excited too, talking the game up repeatedly as “the definitive racing game of this generation” and describing some of the new features we can expect. It’s looking pretty sweet.

This one features over 400 cars from 50 manufacturers, HD video creation, a rewind gameplay feature similar to last year’s Grid and some fancy new livery design tools to get your ride all pimped and stuff.

Expect more as the week progresses.