I'm really looking forward to this update. Updating likes and dislikes and adding sentiments is a great idea. Although I only remember reading that they wanted to update the Caliente's genetics, so I'm not sure how big this project is. There is not much you can write in the household biography with the small limit. It would be nice if they could increase the limit to write longer, more detailed information or have biographies for individual Sims. I really enjoyed giving each Sim a biography in Sims 2 and having a household photo album. Maybe on the Sims website they could set up a blog for all their Sims with some fun biographies or stories to go with them. The only other game I can think of that had really great lore that I loved is Dragon Age. That was amazing. You could find little books everywhere and learn about people and places and add them to an index to read. If the Sims had the lore accessible in gameplay somehow that would be fun. Maybe through the computer or another book similar to the spell book. Maybe a cell phone Facebook style app so as you play and visit new places and meet new people you can collect the information somewhere. Or maybe something more simple like a new section in the notebook. This might just be a small project though, with a makeover in CAS and new bio notes. I enjoy those too, that's how I got extra Pancake kids.
