Having followed F1 closely since I first found the 'tv on' button (around 1975), there is IMHO no sport more exciting or compelling.
That said, the formula is going through something of a difficult period at present. Some circuits have been emasculated (Hockenheim, Spa, San Marino...), new tracks are devoid of character (Bahrain, Sepang, Nurburgring), traction control and automatic gearboxes have taken much of the skill and car control element away. All this leaves us with what amounts to, well, a circus where once we had the full safari.
New proposals to limit engine size and power are not the answer. We really do want to make things more difficult for the drivers, instead of inviting the likes of Halx to roll up with a fighting chance in his 165mph Acura TL
How does one engineer or legislate the glamour back in? I think the answer lies with the aforementioned driver aids and tracks. An element of danger has always been key to the sport's appeal. I really don't want to see people hurt, but I'd rather there was a soupçon of risk involved so that we could begin to be able to tell the playstation jockeys from the die-hard, crazy racers once more. Watching the Indy 500 last night only reinforced this opinion - they may only turn in one direction, but they surely do so with their hearts in their mouths.