Yup pretty much said everything. Right on. To add to that the damage system needs improvements and stamina issue.
Also don't keep your expectations low for ufc 4 because they are taking more time on it which can only mean one thing its getting better. Also this is most likely there finally so they are probably going all out. Lastly our guess (the fans on the forums) is ufc 4 will focus on the ground and clinch heavily. If this is the case i hope they renew everything like they did with striking in ufc 3 and also focus on the striking too because that still has lots of flaws.