Arma 3 is making great headway in the sound and visual department for some things and I'm hoping that it improves in other aspects as well to make it stand out further from the series.
Vehicles for example have no indication (outside of HUD) wether or not they have taken damage or if what you did should have damaged them. For example, you lose a tire on a wheeled vehicle thus leaving only the rim to drag upon the ground, you hear no screeching and see no sparks, all you have to go on is that the vehicle is capsizing. Since arma 2 there has virtually been little difference to driving on a wheel vs driving on a rim.
Impact is another one, you can drive the ifrit full blast up a hill and gain lots of air time, but when you hit the ground the effect is non existant, there is no violent rocking from shock impact and you hear no loud thud that would make you wonder if you just broke something.
This goes hand in hand with aircraft. Right outside of the helo ceasing to function, there is no indication of just how hard you landed, wether you gently touched down or smashed yourself unto the ground.
It's not something that arma 3 MUST have but it would certainly make it stand out as more polish in the reaction effects department.