A very similar but different request:
Perspective tool should work on ANYTHING, including text and bitmaps
http://illustrator.uservoice.com/forums/333657/suggestions/38694775

Ability to Put Perspective on Text and Bitmap Images.
It is amazing to me that after 20 plus years this feature is not available!
I truth you should be able to put a Perspective distortion on ANY Object within Illustrator!
If Photoshop can add perspective or free distortion in bitmaps, Why is it that Illustrator CAN NOT do the Same Thing.

Free Distort works with live text alright, it stays live and surely distorted.. but only the effect, not the tool! As for the Perspective — indeed it gets outlined or just ignored, depending on the way you manipulate it.

I personally do jobs like this in Photoshop, using vector smart objects (link or embedded) wrapped in another smart objects, to allow perspective distortions. This is fluid enough workflow, and I prefer using Ps over Ai, because the photo is a raster image in the first place, and the result will be raster too. Ps allows much more control than Ai would ever have, even if this got implemented. Shadows, color correction, night and lighting and volume imitation..
I vote though, to have it noticed, because it's not that easy to work with perspective, and distortion options are limited.
Have you tried Illustrator’s Perspective tools for this job though, Claudio?
Something like this: https://www.youtube.com/watch?v=i1gJRhPL1yk

If possible please can you add the distort picture/image or even text that has been converted to outlines. this is litterly the only reason for me to use photoshop.
I'm a sign writer and I need to show what the clients sign looks like on the building so I now have to save the sign as a jpeg, then I need to open Photoshop and import the image of the building, then upload a picture of the sign, then I can distort the picture of the sign so it looks like it is actually on the building, I can sort of do this in Illustrator but I cannot get the text to distort, I can maybe just make the background look like it is perspectively there (simply by making a shape) but then the text I cannot distort, also I cannot give the text a 3D look/depth in case the client wants 3D letters but that for another feature update.

See images of what I mean the white background and red text was don in illustrator, you can see the text is not in perspective, the red background and white text I did in photoshop and looks much more realistic looking, honestly such a waste of time especially when the client wants a few options and different colours

Heh. Kinda obvious really.

I mean, Photoshop has been doing it perfectly adequately for donkey's years.

Absolutely, it seems barely credible that, after all these years, the "industry leading" vector graphics package can't do this with bitmaps and text. "Free distort" tool... yeah right :|

I mean, I have a looooong list of no-brainer basic features that need implimenting and bugs that need fixing before I feel like Adobe has earned its keep, but this one might just be top of the "oh ffs" list.

For example, if I've got an object with text or a bitmap on it, and I want the whole thing in perspective, I have to expand the text and... what, do the bitmap separately with an effect? Or outline it? Seriously?

And no, effects (mesh/ free distort) are NOT useable or helpful.

Allow Free Distort and Perspective to work with LIVE Text.
Having to convert text to curves before distorting is too destructive.
There's no way to edit the text after distorting. Corel Draw let me do this back in the 90's.

You can. Select the text, Object > Envelope Distort > make with mesh. Select the free transform tool with the perspective option turned on.