Not necessarily dissagreing with you StSanta, but exploring a what if...
Agreed, the fans do want more intense competition. But I don't see much in the way of Minardi or Sauber flags waving in the stadiums. I do see an intense sea of Ferrari, BMW, and Mercedes flags, some Jaguar (ahem) and some Renault, some Honda.
So, given this fan base, why attempt to rig rules to throttle spending by those teams with the deep pockets so that the lesser teams that nobody really follows anyway can compete? Why not just unshackle those willing to spend the $$ and increase the competitiveness between those four or five teams willing to spend the money?
If the teams decide that they can no longer justify such astronomical spending, then they - and not Max Mosely or Bernie Eclestone - should reach some agreement on what type of spending limits they will adhere to.
Also, tires have had a significant impact in the differences in car performace over the past couple of years. Simply selecting a single tire manufacturer would go a long way toward leveling the field for the top runners.