Yup - you can change the colors to pretty much most of the colors offered by Ford at the time (or at least that's how Forza 2 and 3 are).
I have to admit I knew it was a game video from the beginning - when I saw the Top Gear stage background, I was optimistic. But then it's hard to miss the lack of reflectors in the center sections of the tail lights, as well as the reflections on the headlights don't move properly when panning around the car. They also got the rims all wrong - they're 'close' for Magnum 500s... but not quite close enough to fool everybody yet.
Don't get me wrong - it's very cool, and I think I would very much like to live in that village (having grown up in SLC, Utah - I miss the mountains dearly). They did a great job on the car, and I'll be picking up a copy of this game for my Xbox as well.