Yes, this is completely bullsh**.
Not only would they have to draw a little guy on it (The F1s DO NOT have a guy, it's just a helmet), they would have to do seperate animations for the bike, like it leaning the left and right when making turns. Then they'd have to do the physics for a bike, which isn't like a car. Maybe somewhat, but not really.
I couldn't see them going out of their way doing this, when they had a deadline to meet and Sony kept bugging them to release it.