No, no it's not.
The years-in-the-making Gran Turismo 5 was originally supposed to be released this March in Japan. It is now May. The game is not out. It was delayed this past January and given a new release date: "To be announced".
Last September, it was revealed that Gran Turismo 5 was then currently 65 percent complete. That was seven months ago. In a recent interview with Edmunds Inside Line blog, Gran Turismo creator Kazunori Yamauchi said, "Gran Turismo 5 is about 90 percent finished. There are currently around 140 people working on the project."
That means that in seven months (if the previous and current data are in fact correct), the Gran Turismo was able to finish 25 percent of the game. Conceivably then, the developers could finish up the game in the next three months.
GT5 was first announced at the E3 gaming expo in Los Angeles back in 2006. According Yamauchi, Gran Turismo 5 has cost $60 million to make. The game will feature over 1,000 automobiles and 20 different locations.
Kazunori Yamauchi: Gran Turismo 5 About 90% Finished, GT Academy Might Come to U.S. [Edmunds via Inside-Games via オレ的ゲーム情報]