I've recently come back to TDU2 after going away from it very disappointed in 2011, mainly because of all the terrible bugs it suffered from, the worst being that it wouldn't load the road in front of you properly, you just got a screen full of random lo-res garbage then a crash (usually in Hawaii). I also played TDU1 a lot since it first released and really loved it.
The things I miss the most from TDU1 are the paint shop (I don't think the TDU2 replacement is as slick and the sticker shop should be separate - would give more shops to visit) and the tourist/hitch-hiker missions. I also found the regrouping of the car classes between the two games a little weird and it allows for less championships.
Regarding the Physics and handling I think TDU2 (after all the patches) is light years better than TDU1 ever was in this regard. I don't feel like I'm going over a level train crossing every 50 metres and cars which were all but unplayable/impossible to control/steer in TDU1 actually handle properly in TDU2 (Dodge Viper, Saleen for example). The cars have a good feeling of weight to them and of actually sitting on the road properly this time around too. Note that I am using a racing wheel, not a controller or the keyboard. I think anyone complaining about the handling who isn't using a wheel should be ignored.
Lack of sense of speed/motion blur - This doesn't bother me, I get a good sensation of speed from the game and in a real car things don't blur unless I'm looking out the side window, not the windshield.
Focus was on social/story not driving - I felt the same way the first time I played the game with all its bugs and unfinished feel and still do to an extent, but the patches have improved things a lot, the story is still pure cheese, but you can ignore it.
Money, haven't been right the way through all the championships yet, so can't comment, but money is tight especially the way things other than cars are priced.
Cop chases, not as good as a NFS Hot Pursuit obviously, but fun if slightly easy. Only done a couple so far.
Cheaters - I don't play online or in a club, so am not affected there.
With the updated Hawaii plus dirt roads etc it will be a long, long time if ever before I grow bored with TDU2. I'd just like the Lamborghini's and a few other TDU1 cars back in the game and the ability to set 5 or so waypoints on the GPS and I'd be in heaven.