I love driving in cockpit view with all HUD off. But I can't drive that way as fast as I can with bumper cam and I like seeing the track map and times when I'm in a race. In cockpit view, even with the telemetry off, it's still too muddled with track info. Usually, the only time I'll do cockpit view is if I've just created a nice, narrow Toscana track. I'll drive it for the first time with no info and learn it the right way. It's great and is as close as you can come to real life driving as you can get on GT5.
But for such a small segment of the game I don't think it's necessary to have cockpit view. Especially if they aren't even realistic. For me, a black outline is counter-intuitive to why I use that view in the first place. And I hardly drive race cars or supercars, so the Veyron and race cars getting more "premium" cockpits matters not.
So for me, it's rims all the way. I do not mind the lack of livery editor at all. The small selection of body kits for premiums is sometimes annoying, but in general, the only thing I even want to do to a car is lower it and put some better wheels on. I like being able to personalize the cars without having people ruin cars I think are beautiful. It saves me from angry online rants about bad taste.