Most Asked For Content/Features: none of these things are “coming soon”, they are frequently asked for and iRacing has acknowledged they do plan to work on these things in the future.
 

New Damage Model: Better visual damage, and more realistic crashes with flying parts and elements will eventually come to iRacing. iRacing does want to simulate racing and not crashing, putting this very far back on the back burner. We do see many small adjustments to damage every other build or so, but no word on when/if/what we might see.
UPDATE: iRacing has confirmed a new engineer was hired back in mid-2012. Steve Myers wrote that plans were to throw him into the fire by getting him up to speed with the collision model and starting to lay the ground work for improved damage modeling.

Actual Pit Crew: This would bring pit crews to life on pit road. Actual crews that run around the car and change tires, adds fuel, and makes adjustments and repairs. Within the past year we have seen additions to pit road such as war wagons and visible pit crews. UPDATE: With the introduction of animated flaggers, the next step of that project could be the introduction of Animated Pit Crews. A lot of speculation that we may see this in 2013.

Lucky Dog Rule: Asked for by the oval racers constantly. This rule would give the first car one lap down when a caution flies to get their lap back. Overheard an iRacing staff member in the past say it should be coming in the future, but absolutely no idea when/if it will happen.

Green-White-Checker: This would allow an oval race that has a caution in the closing laps, to extend the race to attempt to finish under green. The restart would throw the green flag, with the white flag next time by, and the checkered flag the following lap by. No word if/when this will happen.

New Weather Model: Rain, snow, and wet conditions. iRacing has casually talked about weather coming in the future. We can almost surely expect to have “wet conditions” before we have actual rain.

Day/Night Transitions: No immediate plans, but eventually will happen. iRacing has casually spoken to frame rate hits being why they haven’t dove into this very hard. iRacing has “night lighting” on certain tracks, and are starting to play with “late afternoon” and “dusk” skies. No word when/if/what else we will see in the future.

Dynamic Track Surface: A dynamic track surface would allow rubber build-up, temperature changes (which would change handling characteristics), debris, oil, and other variables to happen throughout a race. This seems like it may be  coming sooner than most other things, but no official word when/what we will see.

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