I'd like to see a series to rival F1, but if people think a NA V12 will attract any manufacturer when all of them are going for Formula E they don't know what they're saying. Manufacturers couldn't care less about how exciting the series is, they just wanna know what image it will bring to the company, how many people will invest on their company because of their motorsport efforts. Nobody today will invest in a company that's putting money on NA V12s, 90% of advertising these days is based on the environment, and even though cars are an insignificant part of all man-made emissions and electric cars will make no difference at all to pollution, investing on electric cars is what brings investment and loads of money to car manufacturers.
And the ones who think that a series with a lot of design freedom will be exciting, they're just delusional. F1 is as close to a spec series as it can and still there can be a 3 second per lap difference from first to last, what do people expect from a free series? Also, with F1 doing everything it can to improve overtaking, overtaking is still awful, what would happen if you let aerodynamicists go crazy with all sorts of sensitive aero?
I know I shouldn't care about this, but I'm tired of seeing these same comments every time the word "regulation" is brought up.
And finally, do I think a series like that would work? Absolutely not.