Story
Basically the same, no story but a collection of cars racing each other on beautiful tracks.
Graphics
Since I owned GT2 on the PS, the graphics looked gorgeous and eye-pleasing! Since the PS dosen't have wonderful graphics such as the PS2, the game GT2's bought it and tweaked the PS graphics to the max! The landscapes are highly detailed and the cars look stupendous!
Music / Sound
The music and sounds are much the same, but with little change to it. The opening video has a song sung by Cheryl Crow!
GamePlay
The gameplay is much the same! Well, hope I didn't get you too much confusing because GT2 is a complete copycat of its GT3 cousin, so I can't explain more!