Alright, so I haven't read all the posts in this thread, but I will tell you what I have found with Project Cars on my own rigs.
Contrary to what Slightly Mad has stated about the game not being a gameworks sponsored title, I believe it's using an awful lot more of Nvidia tech than just PhysX. An that tech is actually offloading computations to the GPU.
The reason why I say this is that my Steambox and laptop both have nv gpus. The Steambox is basically a bunch of old hardware that I've purchased used from family and friends. I has an old GTX 680 for rendering and a GTX 660 dedicated to physx (and cuda calculations). I typically use MSI Afterburner's OSD to keep an eye on stats when playing. What I've noticed is that although the physx OSD indicator states that the calculations are being done on the CPU (and the CPU utilization shows it), the GTX 660 gets spooled up to its load operating frequencies. The same happens on the laptop (it has 680M SLI). So something is getting done on the GPU. Whether they will admit to it (or even know what it is if nv's engineers coded it in) is another story.
I haven't seen any other game that uses CPU based physx alone do this. Only gameworks titles.
My main rig is AMD based. Needless to say the game runs, but not great.
Without the proper tools, source code, or a Slightly Mad dev coming clean, it's almost impossible to tell for sure. If someone knows of a way to see what workloads in a game are going where, feel free to chime in.
<Hypothesis>
Slightly Mad took the cheap/quick way out and and used nvidia's half assed tech and engineering time instead of taking the time and coding a proper physics engine (and everything related) themselves. Couple that with the heavy Tessellation on the cars (which I'm pretty sure nv's engineers cranked) and you get the debacle that is Project CARS.
</Hypothesis>