All Fanatec wheels actually already have this feature, but plug-ins for games need to be written to enable it.
For now there is a rFactor plugin (but for me it messes up the force feedback with GT3 RS V2 and Real Feel on Windows 7 64-bit) and there also is a plug-in for iRacing, but it does not yet support all cars. That LCD can display anything you want: speed, gear...
I don't think this will happen on consoles, since game developers probably won't integrate this feature especially for Fanatec products.