The old style qualifying format worked, this new format didn't provide the mixing up of the grid that was it's intended goal. The new format failed and provided less entertainment so should be scrapped. As has been said already, we watch this sport to see the best drivers pushing to the limits in an effort to win.
We don't need time penalties or win ballasts because that would be unsporting!
I think one way to improve qualifying would be to award points for the final grid position you attain whilst using last years three sessions, maybe only for the drivers championship though, this would encourage teams to push that little bit more to gain an extra position or two even when they know they will not break into the next session.
The winners should never be penalised for winning, ever...... 
Sport is entertaining because of the nature of competition not because the fun has been contrived by manipulating the rules to give a better show.
Dominant teams come and go but I personally follow my favourite driver right through the race, keeping tabs on their individual battle. They are not at the front at the moment but they are still racing and have the same opportunities to "win" just as every other driver that comes to the grid. It may not be pole and the winners champagne but to improve and beat your nearest rivals is still a success.
If they want to provide a spectacle then let the drivers race in the morning in a sprint race in equal machinery instead of being driven round on the back of a milk float waving at half empty grandstands.
