The things that I think would improve console play are:
1) Having your other household Sims do what you've queued for them when you take a Sim somewhere else. Whenever I would take a Sim to the park or a fishing hole, etc., the other household members would sometimes do things that were somewhat out of character for them - like Neat sims making a mess. I never knew what the others would be doing while we were out...
2) Remove the fire code restrictions - although I know that really isn't possible. Consoles have X amount of memory, and can only handle Y number of objects - so you have to choose whether to, for example, decorate your home with paintings or grow a big garden.
Despite the other limitations, I really did enjoy playing TS3 on console, and I especially liked the 360 degree control with the stick.