To answer in point, I agree with you that more cars would be better, but both the devs and the casual gamer would not be so inclined, unfortunately. It's not really a done thing to allow console gamers that option for two reasons; one, it may be at the technical limit of what the console, and more specifically its online capability. Secondly, it allows people to put up videos saying 'OMG!!!!!11!!!, Theeeze grafix r terrible, theyz luk jus lik a PS1 gam!!!!1!11!' That's not going to be any good for sales.
List of planned features will be coming soon, but NDAs are stopping us from releasing a ful list of details until they have been all confirmed (note, alpha stage - content locked - is almost upon us).