It's fair to say the graphics are not upto the same standards of the latest games, we do not have all the latest bells and whistles, and we would not argue with that at all, but we do spend a lot of time in areas which do not go noticed quite as much. A fancy HDR filter gets noticed more than the custom profiles for armco (3d), fences and tyre barriers unique to each track - rather than just generic styles, (since the recent DLC tracks started), or the road shaders which dynamically change how dusty the road is as you build up grip, as well as adding marbles, skid marks and racing line working in (same on the rumble strips too), or the terrain shader that allows us to put to the finite detail where different types of grass are, or import them from satellite imagery in literally minutes. The provided SweetFX profiles have tone mapping built in to give a more natural colour palette - and they range from super desaturated to oversaturated, cause at the end of the day there are a lot of horrible quality monitors and incorrectly configure monitors out there. That's with out highlighting the fact that we often pass over ALL content multiple times to bring the latest developments as progress to the older content as much as possible.
We have been working with the resources and expertise that we have and providing the best game that we can with the budget available. That means for now we still have at the base architecture a very old engine and have focused coding efforts in areas we can excel against others whilst doing the best possible right now in others, improving physics, AI, and general usability of the game, to keep the actual output competitive. Let's be clear if we had taken the time to do other things like graphics updates or VR updates, that would mean the game would not be the game that you are praising today, in that, other things would have had to be cut. We took the decision to stick to what we are good at and had a higher chance of success, and lower chance of being 6 months of development wasted.
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But anyone who says the graphics are terrible is just ignoring, for one reason or another the provided information in the user guide, which explain how to setup the AA options. The old engine means that a little bit of extra configuration is required to get the AA working correctly, since Nvidia and co have long since removed the dx9 optimal settings directly accessible from the drivers (CSAA etc). But with the add of some Sparse Grid Super Sampling the jaggies disappear very quickly. This information has been in the user guide since the initial release.
Below are the screenshots shared a week ago as we pass through the track content, improving bits and bobs. We have now updated 33 of the 43 locations have been updated (in the beta - soon to be in release). All screenshots are unedited, with A2 Natural SFX, and NVInspector set up as explained in the User Guide.