I dont believe I have seen anyone make mention of the fact that you cant see your bonnet in the cockpit view. For me this is a problem as I feel it detracts from the realism considerably, seems like a rather disapointing and bizaar omission, I hope this is fixed for GT5.
Im sure someone who knows the fact of the matter will correct me if im wrong, but I think something fishy is going on. I get the feeling that the cockpit is a new and seperate model and not a camera fixed inside the car model as it should be, otherwise this problem would be impossible. Go ahead and sit in your car you can see the bonnet obvioulsy - so I think (wishful thinking maybe) the whole approach has to be overhauled.
To add to the POV discussion, seems different people have a different opinion on what FOV actually means. I think the FOV is fine, but I think you should be able to adjust the camera front, back, and side to side (to a small extent) inside the cockpit.