Hey... I'm 'ard me..
But it seems to me that there is a natural mutal exclusiveness between "free" regulations and close racing. The more technology you have (or allow) the more difficult the "racing" becomes.
I bet if you took the current F1 grid and put them all in identical Fiat Seicento's the "race" would be miles more exciting... but whether anyone would want to watch it, is a different matter.
So we have to "dumb down" the spec' of F1 cars.. make them more basic and primitive (a completely de-regulated format would unfortunately only favour the teams with the biggest budgets). This seems to be the opposite of what the FIA propose for the future (green systems, regenerative doo-dahs and what have you).
Little wing, 3-litre v6 engines (manual box), common ECU, skinny tyres and cast iron discs. Gentlemen.. start your engines!
Or I been watchin' too much "Grand Prix"...
Ralf S.