These things come and go in cycles, I've seen this situation before. Every few years people complain that 1) there are a few drivers that don't have the appropriate talent level to be in F1, and 2) the cars are too easy to drive, that they don't bring out all the required skills in a driver. You know, hit the apex, plant the gas pedal to the bottom, and just drive out of the corner. Whatever happened to the days where if a driver was too aggressive on the throttle the back end would come around?
When grooved tires were introduced, this was one hope, that we the fans would see the cars sliding a lot more. But as we now all know, everyone was running illegal TC, and drivers just drove out of corners.
F1 is supposed to be about the most high-tech. But we also need to balance technology against giving the fans a good show, and exhibiting true driver skills. Now, we can't make it too easy for the drivers, can we?
I sometimes watch NASCAR, and one time I enjoy is on restarts, when you get to see some drivers slipping and sliding, fighting hard with cars doing the same, all around them. Taking away TC gives the fans more to experience, where they can see additional aspects to a driver's skills.
At least TC is gone in 08. 
I don't know why they're so afraid of increasing mech. grip on cars? 
