I post over on the Playstation.com forums mostly in the GT3 and Racing sections as well as the gtplanet.com forums. There is no solid release date yet and speculation puts the car list around 500+ with everything from Model T's to recent Concepts like the HSV from Honda. Lots of Mustangs have been hinted at as well as race cars from Rally to F1. Hopefully no NASCAR though. Ick. 100 or so tracks are also rumored, but we won't know until closer to release whcih should be this fall/early winter.
Some of the rumors indicate that "every" previous GT1, GT2 and GT3 car will be included, so the Mondeo would be likely if that were true.