I would like to see several variations of the current system:
Squad art could replace country origin (roundels, meatballs, swasticas etc) specific graphics. No extra download or lag, just put the current nose art on the wings and fusalage. This would make squads more visable, and the arena more interesting.
Maybe a bonus for top ranked players having a colored stipe or nose or something. Just those with 2/1 kd ratios or whatever. I feel it should be OPTIONAL for those who qualify, but many would be glad to garner more attention.
Finally and hopefully this is comming in 1.09 make squad logos visable in films, along with all the other things that are missing.