I think they should just let the teams use whatever technology they can invent, as long as it doesn't make it unsafe. Who cares how good the drivers are? The technology is far more interesting.
Maybe it is time to make a clone of the race, but without the pilots.
Imagine the kind of innovation if you were free to do what you want up to a max of X million/year.
Thankfully, my favorite form of racing, motogp, has benefited greatly from recent technological advances. http://www.youtube.com/watch?v=-YAiXqOwkmE
I think they should just let the teams use whatever technology they can invent...
Technological innovation appeared to be leading to a sport that was losing its spectacle more and more. And that's what the vast majority of people who watch(ed) F1 wanted.
I love technological advantages as much as anyone, but people relate to people, not machines.