I always thought people preferred a cleaner looking display, but tastes will differ. I'd personally like it if all camera angles could be cycled through just with the select button. I seem to remember button shortcuts to put up the HUD display during replays in GT4 also, those would be nice too I guess.
There's a controller button which quickly cycles through the Display options. I found it accidentally last night. I think it was one of the paddle shifters on my wheel, so maybe R1 or L1?