What Codemasters should be doing is trying to make another partnership with BIS. They are failures as game designers, you see, and should go back to riding off other people's work.
Flaming aside, I really think that they should take Arma 2 and go under the hood to pare it down and put a lite version on consoles, like with OFP Elite. I think it's possible. You just make highly-detailed, smaller maps like Zargabad or Proving Grounds, take out the jets, streamline the controls and limit the entities. (Not all the way down to fucking 60! on your piece of shit drag-racing engine, though.)