Crash physics are as important as handling physics.
If you know what racing is you should also know that hitting a wall at different speed and at different angles, results in a wide range of damages, from little punctures, to suspension damages or broken wheels. I'm shure you'll agree with me on this: a game that implements these variables changes the way you drive and makes you a bit more conscious about your driving style and the risks you can take (next time you will overtake someone, you'll consider the risk factor much more than you do now).
Today it is not like that, it's all or nothing. There's nothing in the middle, either you have a terminal crash or you just bounce back, you rarely get a puncture from a contact. These little things make difference between arcade games and simulation / simcade games. I think a licensed F1 game deserves better race experience with improved damage physics, I'm sick to see cars bouncing into each other or into the wall without consequences (or small front wing damages) with SIMULATION damages on and I'm not talking about demolition-derby kind of damages, I just want a bit more of variables when collisions happen.
IT CHANGES THE WAY YOU RACE and to me it's very very important, at least you should be a little afraid when driving an F1 car even if it's a videogame and it's race number 1000, these feelings keep the game alive!