I've watched f1 since 1980. Its gone from an exciting, nail biting, seat of the pants entertainment to an absolute snore fest. Well actually It became a snore fest when Michael Schumacher simply dominated the sport from 1995 to 2006. Sure there were protagonists that took the fight to him but each time there was real racing, someone wh came off econd best complianed and rules were changed on "safety" grounds.
So now we have the safest cars in the formula racing, but they're not allowed to be raced by the drivers because someone may get hurt.
We have a situation where new drivers can;t really test an F1 car because testing is banned.
We now also have rules that prescribe how you can overtake and even a dvice to help you make it stick (DRS).
IMO F1 has become an absolute sham.
I see many problems that need to be addressed but also a distinct lack of appetite by all parties to address those issues directly.
Cost:
The budget cap with unrestricted development was the best proposal we've seen in F1 for decades. It had the potential to lower the cost of entry for new teams (providing new young drovers with seats). It could have resulted in more interesting technical development like we saw in the 70's and 80's. All that was required was to not spend more than 50 million Euro per year (Admittedly that amount was probably too low) and prove it.
Technical regulations:
These are so tight there almost no room left for relevant technical innovation. Intead the most interesting developments involve wings that flex (been doing that in Aviation since the Wright bros) front exit exhaust (come on that no real innovation) and the return of exhaust blwon diffusers.
Sporting regualtions:
These are so tight all the racing is going to take place in qualifying with the race being a two hour waving at the crowd parade.
F1 really needs to take a few steps backwards and reverse some really assanine decisions taken on the grounds of "safety".
If my 6 year old nephew feels that Scalextric is more interesting then I think F1 has a serious problem. NOt enough young blood from both the spectators saide as well as on the drivers side.
I may spend more time watching LMS next year. He digs those and Uncle has a really nice collection for those 24hr races when he sleeps over.