Id stick witheese rules for another 3 years, as the rules that ended in 2008 were in effect a long labour of love of 6 to 7 years.
And while there is life in theese V8s, as i dont think they are outdated lumps, lets race them. As when the aggreement was signed by all 11 teams at the start of the 2008 season there was provision for the V8s to carry on for up to another 10 years, with a review after 3 years, 6 years and then 8 years.
The V8s are cost effective for what the produce. Customer teams pay between €5.5m and €10m for a years supply, and with some teams outsourcing their transmissions and KERS, the V8s have some futher milage in them i feel.
We are still in a period of austerity in F1, and i feel that with costs pretty much remailing constant in the engine departments now, i feel that it would be wrong for the V8s to dissapear. Howevber, if there is a veto against them, id open up the whole 2013 season tp the engine guys to development, then homologate them again to the same standards as is present. Give the engine guys a chance to bolt up to an extra 25% more power onto them.
If this were to happen, id make a change in the engine rules, and that would be that engines must be ran consecutivly, and not concurently. So in the case of Ferarri and Bahrain 2010 that would have ment that the #1 engines would have been dumped after about 350-400km if memory serves me correctly.
HOWEVER, with that id also bring in the next generation of KERS and bolt HERS onto the cars as well, but in effect make the power avalable the same as what is being suggested for the I4s, somewhere in the region of 250HP for somewhere in the region of 30 seconds a lap.
THAT would make a car hard to handle with the 2013 aero tweaks.