General things I'd like to see:
Realistic lights--the con to this would be the amount of research the modelers would have to go through to see the programming of the lights on each car.
A cockpit view...or at least one not on the roof of the car and on the grill.
A clutch for MT and, for cars that have it, a "semi-Automatic" transmission.
Having to start the game with stock tires.
In-game:
Physics that would make the game "the real driving simulator" as it promises.
More adjustments to suspension and tires (i.e. in Forza you can adjust caster!!! and tire pressure!!! What an upstart!) Of course within realism for the chassis.
An avatar for yourself. Nothing terribly complex. Just a guy who walks around the garage and drives your cars. lol
On that note, having to drive to each of the dealerships in a town. Oh, and to go to the GT Auto shop in said car. It wouldn't even have to be the one you are about to race--like a truck with a trailer behind it with the car you ARE "in" inside it. You'd still have to drive it but this time following the speed limit.
Starting from an amateur race series and working up to the LMP type races. For example, having to start in the Mazda Series with MX-5s or something like that and then becoming sponsered or having enough money to compete in another series. These series could also be fictional ones as long as they make sense.
Edit: I know that sounds like what you do already, but I mean having to choose only one series at a time and having to put decals etc on your car to differentiate and fall within the specs of the race. Basicallly a factory stock car race series is what I'm trying to say here. Hope that makes sense. lol...
I agree with what was said above, about F1 and LMP drivers, etc, having things adjustable in the cockpit. Like fuel/air ratio and such. That'd be pretty cool if they could incorporate that in into the DS2 (DS3?). It'd be easy to do it with a brand new racing wheel for the PS3 and probably be it's biggest selling point aside from it being...well...a steering wheel of course.
More adjustments during a pitstop.
Some form of damage. I just don't care when I hit the walls now except that I feel like I'm not racing honorably, even if it IS against a bunch of CPU driver's that don't care either.
Newer cars that no one really wants to drive. lol The older ones aren't all that fun, really. There are those that are cool though.
Better light effects from the cars (read: headlights that WORK!). Possibly low- and high-beams as well.
A general "sports" button. Not all cars that have one use it to stiffen suspension or whatever. Some cars it is actually a useful feature during a race, but I can't think of any examples off the top of my head.
That's about it or now.