It is. Taking out that yellowish bloom stuff is as simple as "true" -> "false" in one of its config files. Once rid of the bloom, Grid is THE most beautiful racing game on my PC currently, both technically (dynamic reflections/cockpit shadows/broken mirrors/visual damage) and artistically.
Still I'd prefer GT5's cleaner and more subtle visuals most of the time. I'd choose GT5 over Grid anyway, if I had a PS3.