Yes I was at PAX, and yes the playable demo had steering (so I'm guessing it's not exactly the gamescom build).
But the IQ, honestly, was bad. And this is coming from someone who is not a graphics junkie.
There was a huge difference between the playable demo and the gameplay they showed at the panel in terms of IQ. (the uploaded streams' compression don't make it as noticeable I guess)
In fact, the ugly IQ was also noticeable in the panel when they showed the Chocobo Racing footage.
Either they're two different builds, or the difference between Xbox and PS4 is very noticeable D: