I enjoyed Shift 2 and was planning to pick up Project CARS, but why would I do that with a "bigger and better" version seemingly right around the corner? This seems like a dumb move on their part.
Slighty Mad is a very small team with a long development cycle. Project CARS took them 4 years to develop, so to me, it only makes sense to start the next development cycle for Project CARS 2.
I don't know why this is surprising people. Almost every major studio starts working on a sequel after a successful release, especially considering it can take 4-5 years to get the next one out.
I think why people are miffed is because they believe support for PCARS will drop with the team working on PCARS2. That remains to be seen, but I'll give them the benefit of the doubt until they prove me wrong.
I really like PCARS and have played it a ton, but I do think they should license more cars and reward the community for providing over half of the (small) development costs. An announcement like that would have probably gone over much better. The reason they didn't license more cars in the first place is because the dev budget was (compared to Forza or GT) tiny. I believe $5M. Considering they have sold a million copies, and had over half the dev costs covered by the crowd, I would think they're sitting pretty well right now.
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That being said, I think the new direction they're going with PCARS2 is not a good one. It sounds like they want to throw together every kind of racing (including dirt) they can get in there, and I don't think that's what most people want.
I would rather have a game focused purely on road racing, because it takes focus to do something really well. We already have games like Dirt Rally to cover that side, and there's no way they're going to be able to do something better when they're splitting efforts between so many disciplines.
And for God's sake - work on the AI and damage models. BeamNG pretty much obsoleted the crappy approaches used by PCARS, Asseto, GT, Forza...pretty much everybody else.
This "we're going to provide ALL the things!" approach they're taking for the second game does not have me excited at all.