I don't see anything unfair about single lap qualifying, everyone gets the same shot at the pole.
It mostly annoys me because all I see is the track saying how "great" and "exciting" for the fans this is. This is only exciting for the fans that need instant gratification and want to spend as little time at the track as possible. You want to make qualifying more exciting? Fix it somewhere like Daytona or Talladega first, where it is the most boring thing imaginable.