Either 5/31 or 7/3, not sure what the right release date is.
Looks REALLY good, nice track list and a ton of great cars, even if it's only Ferrari. Trying to find a full track list, but you get a glimpse in the ISR preview.
Being SMS and having a Shift feel to it is a good thing IMO.
They say release will be consoles and pc, but I only see pre-orders for console. I plan on picking this up, pc if possible, but 360 if it ends up not coming on pc.

wow the brief moment of racing I saw looked quite atmospheric

this is basically EA saying "EFF YOU M.S."

MS finalized a Contract to use Porsche so they made a Porsche expansion for FM4,

EA got a Deal to use Ferrari and made an entire game for just for Ferrari.

First, note that this is not EA, it's Atari. A Test Drive game, like the title used to be. It's SMS and the same engine as Shift 2, but not the game. They also mention tire degradation and even blowouts, something not in either Forza or Shift IIRC. Can't tell if there's actual night racing or just dusk (edit: confirmed, no dynamic weather or night racing). I didn't see any lights. Also a fuel gauge at various levels. I'm a little surprised ISR didn't go into more detail about that.

It's not the first all Ferrari game, just as there have been all Porsche games.
The funny thing is the number of tracks, including old layouts, for just a $50 Ferrari game. And just one BS imaginary track.
Personally, I think it's the vintage cars I'm more interested in. I see some possibilities for this, a nice game to come out of nowhere.

http://www.virtualr.net/test-drive-ferrari-racing-legends-track-list

Track List

Circuit de Catalunya – Spain GP
Circuit de Catalunya – Spain National

Circuit de Spa Francorchamps GP (1980) – Belgium
Circuit de Spa Francorchamps GP (2004) – Belgium

Casino Riviera-Cote d’Azur – France

Cote d’Azur Monte Grande – France
Cote d’Azur Monument Loop – France
Cote d’Azur Port Boucle – France

Donington Park GP (2009) – United Kingdom
Donington Park National (2009) – United Kingdom

Enna Pergusa – Italy

Fiorano – Italy
Fiorano Alternate – Italy

Hockenheimring – Germany GP
Hockenheimring GP (1982) – Germany
Hockenheimring National – Germany
Hockenheimring Short – Germany

Imola (1981) – Italy
Imola (2005) – Italy

Misty Loch – fictitious Circuit

Monza GP (1958) – Italy
Monza GP – Italy
Monza Junior – Italy

Motorsport Arena Oschersleben – Italy
Motorsport Arena Oschersleben B – Course-Italy

Mugello GP – Italy
Mugello Short – Italy

Nordschleife – Germany
Nordschleife Aremberg – Germany
Nordschleife, Karussell – Germany
Nordschleife Nurburg – Germany

Road America Circuit dummy

Rouen (1956) – France
Rouen Short (1952) – France

Silverstone GP (1959) – United Kingdom
Silverstone GP (1975) – United Kingdom
Silverstone GP (2009) – United Kingdom
Silverstone International (2009) – United Kingdom
Silverstone National (2009) – United Kingdom


Some captures from the video showing some menu options and game shots.

http://www.virtualr.net/test-drive-ferrari-racing-legends-full-car-list

Car List

125 S (SPORT) – 1947
166 Inter (GT) – 1948
212 Export Spider Vignale (SPORT) – 1951
250 Testa Rossa (SPORT) – 1957
250 California (GT) – 1957
250 GTO (SPORT) – 1962
275 GTB (GT) – 1964
330 P4 Berlinetta (SPORT) – 1967
Dino 246 GTS (GT) – 1972
365 GTB4 (GT) – 1968
365 GTS4 (GT) – 1969
308 GTS (GT) – 1977
308 GTB Quattrovalvole (GT) – 1982
288 GTO (GT) – 1984
F40 (GT) – 1987
F40 Competizione (SPORT) – 1989
512 BB (GT) – 1976
Testarossa (GT) – 1984
512 TR (GT) – 1991
348 Spider (GT) – 1993
F355 GTS (GT) – 1994
F355 Spider (GT) – 1995
F355 Challenge (SPORT) – 1995
F333 SP (SPORT) – 1994
F50 (GT) – 1996
F50 GT (SPORT) – 1997
360 Spider (GT) – 2000
Challenge Stradale (GT) – 2003
550 Barchetta Pininfarina (GT) – 2000
575M Maranello (GT) – 2002
Enzo Ferrari (GT) – 2002
FXX (SPORT) – 2005
612 Scaglietti (GT) – 2004
599 GTB Fiorano (GT) – 2006
F430 (GT) – 2004
F430 Spider (GT) – 2005
430 Scuderia (GT) – 2007
F430 Challenge (SPORT) – 2006
125 S Sport (Monoposto) – 1947
312 F1-67 (Monoposto) – 1967
312 B3-74 (Monoposto) – 1974
312 T4 (Monoposto) – 1979
126 C2 (Monoposto) – 1982
F1-87 (Monoposto) – 1987
F1-90 (Monoposto) – 1990
248 F1 (Monoposto) – 2006
F2007 (Monoposto) – 2007
F2008 (Monoposto) – 2008
458 Italia (SPORT) – 2009
California (GT) – 2009
150° Italia (Monoposto) – 2011

oops, i dunno why i thought it was EA.

I assumed the same thing at first, not catching the mention of Atari. All the mention of Shift and SMS did it. The timing is pretty interesting, but the release date on this thing still seems to be up in the air, being put off since March.

Glad to see the it is from the in cockpit perspective. If the physics and FFB is solid, count me in.

This put me in the mood to try Shift 2 again. Runs great with my pc rebuild.
Interesting thing is that Ferrari isn't in that game game at all. I guess this is more like Shift 2 content, if not Forza. Odd that all of the tracks aren't in there or the night racing.
I'll keep looking around, I'd like to find more info on pitting and the tires/fuel situation.
Might watch Grand Prix to get in the mood for the older cars.

i can get NFS: Shift 2 for $4 at Ollies (PC DVD-Rom)

This may be the best thing since NFS: Porsche!

Wow this looks really great, old Ferraris, Spa, Rouen and Nordschleife ... SOLD!

Still can't find it for pc anywhere, just console pre-orders. Some say 7/3 for release. Hope it's next month instead.