So you mean to tell me that the drop-dead gorgeous cars and photorealistic backdrops aren't "present time"? This game is using every bit of the PS3's power, I'm pretty sure its way more advanced than a PS2 game.
In terms of customization, the features you're looking for are already in plenty of other games. You want 22's and neons on your Aveo, go play Need for Speed. Not only do these types of customizations have no place in a sim racing environment, PD would have to model even more parts and accessories leading to an even longer development cycle. Oh, you can slam the car to the ground by the way. It will drive like hell but its possible with the fully customizable suspension kit.
As a few wise posters have already said, the game has only been out for 24 hours or so. Keep playing, keep discovering things, and look at your playing habits. Then come back after a few weeks and look at what features you truly need. Anyone can make a massive wish list of features, but it would just slow down production even more to put in some random feature the 3 people would use. That being said, I love the game right now. Having tons of fun with it and I'm looking forward to seeing how it progresses, develops, and updates in the future.
Happy Thanksgiving to everyone btw! And happy driving!
I know everythign is about the online these days, but there's nothing better than having teh person sitting in the same room as you so you can try and punch their accelerator thumb. 
