In 07, I didn't like how when you were a heavyweight you coulden't do martial arts and stuff like that. Yokozuna was a super heavyweight, and he was the "Master of the martial arts." They should definitly take that out. If not, then you should be able to choose at least 1 extra moveset that you could use.
Keep the ultimate control in. That was nice. It actually allowed you to bring your opponent to the corner and decide whether or not you want to 10 punch them. Last time I remember you could control that was WWF Raw for Sega Genesis back in like 94. Am I wrong here?
GM Mode, I liked it in 06 where you could have a rivalry by just putting them in the same match together week after week instead of just creating a storyline. But the idea of Velocity was good. Also, I don't know if anyone mentioned this, but in 06 if you put someone in a match, and then go to do another match, the person who was already in a match would be highlighted. They got rid of that in 07. I got annoyed by that