Just picked up an Xbox, so I got the Ultimate edition (it's my first time playing a Forza game). Anywho, from what I've done so far...
Likes:
Car variety
Free painting and vinyls
Vinyl creation
Certainly the vehicle sounds
Great detailing
Customization options
Wheel brand selection
Actual part brands
Dislikes:
Event setup
Voiceover guy (was funny at first, but is now annoying every time I go to the vinyl shop)
Can't paint stock wheels
Can't paint chrome parts/wheels
Can't paint plastic parts (lol wut?)
Would be nice to be able to paint each individual part (body panels, bumpers, etc) yes you can do hood, mirrors, and spoiler, but it would be better to be able to do every individual panel.
Offshoot of above: Can't paint parts of wheels different colors/finishes. (Sure an all black wheel is nice, but black with a chrome lip would look good as well, or even a black wheel with blue lip if so inclined)
Aforementioned "gray-white"
Not enough paint finishes (matte, pearl, etc.) (Prefer Midnight Club's paint system)
Can't change wheel offset or width
Tire's look "stanced" even when made wider
Not enough wheel choices for most brands (sure there a lot of brands, but they are missing some good wheel selections)
Probably more but that's all I can think of at the moment.