To be honest I hav'nt really watched avidly since the days of Mansell, Senna, Prost etc, but have watched the odd race over the last few years, I actually wanted to see a ban on refuelling how many races did Prost win by being clever, its just different stratergies come into play now, I was reading somewhere else that the biggest problem is that the cars have outgrown the sanitised circuits they now race on and the straights need to be a couple of Km's long to allow overtaking as in the old days because the cars are too evenly matched now.
Most overtaking is done when a error is made but the cars are IMO are so Playstation now making a significant mistake to allow someone else an advantage is pretty hard to do, Sir Jackie Stewart said recently if he made as many mistakes in a season as drivers do now in a race he'd never have won a championship, makes you think.
The biggest cost is the constant fiddling of the rules its the same in Motogp now, within the space of 10 years it will have gone from 500cc 2 strokes to 990cc 4 strokes to 800 4 strokes and now from 2012 they are allowing 1000cc 4 strokes back with certain restrictions and then they organisers complain the teams are spending to much money, to keep redesigning from the ground up every couple of years to take account of new rules is stupid, both sports need a period where the organisers leave everything alone and see what develops, evolution rather reveolutuion.
That said the only thing I would currently change would be to give them all 3 pedals and a proper manual gearbox and see how many fluffed gear changes we see when they are under pressure giving someone an oppurtunity to ovetake on the exit of a bend as they frantically try to find a gear.