I completely understand that. I guess am walking the same line as racing sim's that have a chase camera option, so not a FULL simulation, just a quite a bit more then the arcade type games out there right now.
Things that I will have that I feel are 'sim-like':
Realistic bullet physics
More realistic damage (damage is localized, affected by armor, ammo type, and impact angle)
More realistic momentum in your movements
Large list of variable management, like less weight makes you faster, bigger engine makes you faster, damage to legs or engine slows you down, parts can be blown off, ect...
I feel now, it would be quite the stretch to call it a full on simulation.
Thanks for all the replies, they have been a huge help.
If you a intrested at all, you can see what I have done so far at our dev blog