I like the idea of equal chances for drivers to win (opposed to driver/engineer-personalities) but there are problems with the normal locked-setup scheme.
Alien/moran setup - Often the fastest driver gets to choose the setup, this seams fair but fails becuase then it will be a alien setup, undrivable for anyone human (probably undrivable for other aliens as well). The same goes for when the entrepreneur ambitious enough to organize a series creates the setup, a task which he is noob at. Sollution to this could be to release a few setups before and all vote on which to use (this takes alot of time). Using RACE_S or DEFAULT is kind of good but they are horrible at some tracks.
The locked/editable setup scheme is a good way to simulate a homoglated series, but I would say that it should go as far as to permit limiting the ranges on some settings. But is you with hidden mean secret, thats silly becuase it would only be secret to computer illiterates.
Another topic is how to create a close series where the good drivers has to risk DNF in fights with the wreckers. Here I like the idea of a series where the grid position is in reversed championship order (all places must give points for this to work), also you can skip qualifying. But I don't like weight penalties etc. becuase it usually means that whoever wins the series is probably not the best driver in the best car. It is however useful at fixing errors in the homogaltion process (where two cars that are supposed to be equal aren't)
+1 Nice feature that I hope will be implemented in a year or two from now.