I was a bit bummed to see that 2014 isn't making it to current gen consoles. The hardware is the only thing holding the series back from progressing. If we want all these suggested improvements, along with my personal favorite (60fps), then we'd have to use the new consoles. I think CM had started on F1 2014 a while back, seeing as how they worked a lot with the different teams to get the physics nailed down. Once you've put that much effort into development, it would be a shame to scrap it. I work as a computer engineer, and I know the PS3's architecture. It's a pain in the ass and doesn't respond to development like a PC or an XBOX. You have to tailor fit the whole development around it. That being said, I wouldn't want them to start off working hard on getting it to run perfectly, then scrap it or wait even longer for them to release the gen-hybrid version.
I, for one, will be getting F1 2014. A lot of people bash on CM for their decisions, but I see them as a developer who more often than not ends up doing the right thing for the fans, unlike PD and T10.