I quite enjoy gaming (although I'm not especially good at them) and quite like the "escapism" they offer and so for me, having realistic punishments for "driving dangerously" would be a turn off. Perhaps I am in the minority in being able to distinguish between fantasy and reality
Some ideas from me....
a) ability to pick it up and play it without having to master lots of controls (arcade mode?)
b) a game that immerses you in the action but also gives you a realistic prospect of making up time after a small off, especially for longer races/stages, perhaps with different levels of difficulty
c) decent car dynamics so that the car behaves as you'd expect and also damage so that you can't just bounce off the scenery to get a good time
d) realistic changes in surfaces
e) other vehicles on the stage (slower and faster)
f) championship-style mode where you can progress from a rookie up through the ranks
g) a good selection of "ordinary" cars available in addition to the usual rally ones. It's always fun to drive your own car in a game
Chris