Expect perfection!
Hell no.
Expect the worst, hope for the best.
In all seriousness, with an update of this magnitude, I'm already seeing far more than I expected. The announcement totally came as a surprise.
In that light, I'm not really thinking there will be much change to the physics. Not anything noticeable, probably just some minor tweaks.
What I'd love to see though:
Online/offline physics the same. (I don't care which one gets changed or both, just make them identical and I'll be happy)
Better crash physics. More bounce where it should be, less of the front bumper sticking to a wall, better damage modelling application, better roll-over physics.
Come one, 200mph into a wall and all that happens is you come to a dead stop. Please. The damage modelling could be better, but it's fine as long as it's applied properly. All they have to do is let things be damaged more easily and it'll be significantly more realistic. Roll-over physics, yes, I know; this is a racing game, not a crashing game. So what? The cars magically stick to the road more than they should, they should roll over properly and collide better when they do. Ever taken a Samba bus and jacked it way up? Go through a turn and it leans over at a 45 degree angle, but it won't completely tip over. Also, there are no online roll-over physics, and there should be.
There are probably a lot of inadequacies about traction on various surfaces, weight transfer, etc... I'd love them to make those right as well, but I'm not an expert and I think most of the stuff is pretty good already.
Also downforce, again, I'm not an expert, but I'm pretty sure that almost every car out there has some kind of downforce. But it seems that only race cars and special cars have actual downforce in this game. I'm not saying all cars should have downforce, but I know some of them don't in the game when they do in real life. It's obviously not adjustable, but it should at least be noted. Plus adding certain aero parts seems to do nothing on a lot of the cars. (mostly pieces on the front)
Oh, and drafting/slipstream. It's way too effective. It needs to be adjusted, a lot.
Those are my wishes. I sincerely doubt that even a couple of them will actually be in the update. But hey, if they are: Respect.