With the prices of games going at $60 a pop now of days, I expect a lot and I think rightfully so.
Career Mode is number one
You should be able to create a fighter and start like in the WEC or something and fight your way up. But they should also have full fight cards, not just your fight. So lets say I am scheduled to fight Alvin Robinson on the undercard of a UFC PPV. I think i should be able to see, or at least see results of a full comp simulated card including title fights, so there are title changes going on and not the same champion for 10 years like some games have had in the past.
Also you should be able to choose different training camps and each one can help your stats in one category but maybe not another. So you have to decide what is important for you. Maybe after you become a title contender type fighter you could have the option to open your own gym, so when you retire it can be like a GM mode in sports games, where you get to train and sign fighters to your camp or something.
You should also be able to choose sponsors and try to get the best possible contract for your fighter.
I think all those things will help bring a realistic presentation to the game...The gameplay is a MAJOR issue to, but it is to in depth to get into, so hopefully they do it right. This game is the reason I got a PS3 so I hope its good.