The highly anticipated next instalment in Turn 10's Forza Motorsport series has today been given an official street date.

Microsoft has confirmed that Forza Motorsport 3 will launch October 27 in the U.S. Though no official European release date has been confirmed, it's believed that we'll get our hands on Forza 3 at the same time as the Australian launch date of October 23 (to be confirmed.)

The Limited Edition package has also been announced for North America and will include a Forza-branded 2GB USB drive and keychain, a dashboard theme, and an instant VIP status upgrade that will give gamers access to give special cars, including the the 2007 Lamborghini Gallardo Superleggera.

Just check out this list of top features, as confirmed by Microsoft:

• Where dreams are driven: The cars and tracks. Featuring the latest and greatest production offerings as well as the world’s fastest and most exotic street cars, “Forza Motorsport 3” offers more than 400 fully customizable and tunable cars from over 50 of the world’s leading manufacturers. Whether your passion is classic American muscle cars, European roadsters, purpose-built race cars or high-tech Asian imports, “Forza Motorsport 3” puts you in the cockpit of the cars you love. In addition to the return of world-famous tracks from previous “Forza Motorsport” games, including Suzuka, Nürburgring Nordschleife and the Sebring International Raceway, “Forza Motorsport 3” invites you to conquer the corners on more than 100 tracks, including some of the most beautiful road courses in the world. New environments like the gorgeous mountainous Montserrat region in Spain, the rugged Amalfi Coast in Italy and the American Southwest are presented in such majestic detail that you might find yourself pulling over just to take it all in.

• The look and feel of a modern racing game: “Forza Motorsport 3” is the definitive racing game. The appreciation of the automobile in “Forza Motorsport 3” is due in large part to the team’s attention to detail. This is why automotive engineers from manufacturers like Audi and champion race teams like Peugeot as well as experienced computer graphics specialists from across Microsoft Corp. have all teamed up with Turn 10 to make “Forza Motorsport 3” the most beautiful and realistic racing game ever made. All 400-plus cars in the game have been built with more than 10 times the amount of polygons as “Forza Motorsport 2.” This includes painstakingly researched cockpits and interiors for every vehicle. But realism isn’t just about pretty graphics. Turn 10 takes realism to new heights, leading the industry with the most advanced physics model, artificial intelligence and damage calculations. Whether it’s the differences in how each car handles through the corners, how the engines sound at top speed or how different tires and upgrades impact your car’s performance, you’ll find yourself leaning into your turns as if you were really behind the wheel of your favorite ride.

• It’s easy to go for a spin: “Forza Motorsport 3” redefines the racing genre. Simulation games can be too hard for some players. “Forza Motorsport 3” rises above the distinction between simulation and arcade games. Using a myriad of cutting-edge driving and gameplay assists such as auto-braking, gameplay rewind and auto-tuning, “Forza Motorsport 3” delivers an experience where everyone can have fun behind the wheel, regardless of your skill and dexterity. Whether you’re a newcomer or a seasoned racing game pro, “Forza Motorsport 3” caters to how you drive and evolves with you over time as your skills increase.

• Express your car passion: User-generated content and Xbox LIVE. Painters and tuners will once again be able to showcase creativity through the celebrated Livery Editor, Auction House and deep tuning garage in “Forza Motorsport 3.” The car is literally the artistic canvas as some of the world’s most creative car painters and designers find new layers of depth and freedom to create shocking visual masterpieces before sharing them with others over Xbox LIVE.* Each car in “Forza Motorsport 3” is fully upgradable, allowing gear heads to take on the challenge of turning a Honda Civic into a supercar killer. New Xbox LIVE Leaderboards celebrate not only the greatest racers but also the most prolific car tuners and painters in the community.

• Play your way: New game modes. “Forza Motorsport 3” is an epic racing game featuring more content and more ways to play than any racing title today. An innovative single-player season mode puts you through a completely personalized racing calendar that includes more than 200 different events, including Circuit, Oval, Drag, Drift and Timed Events. No two calendars are the same; they react to the cars you love and the races you enjoy most. In addition, the online multiplayer mode* gains an all-new game rules editor. This gives players a never-ending variety of ways to play with friends. Whether you’re a speedster, dragster, drifter, painter, tuner or just a lover of cars, “Forza Motorsport 3” is the definitive racing game for you.