I ment within the confines of the rules the teams have worked to extract maximium effiency in incredible details. If they did away with such strict rules you wouldnt be seeing such beautiful minute refinements that add so little but together can be the difference between winning a race or being out of the points which makes it such a great team sport.
I think safety was another big factor. The amount of g-loadings and vibrations that would go into a wing structure directly from the wheels gave everybody the willies.
Well if schumacher can lap everyone but his teammate in a race with strict rules imagine how much performance difference they would gain with more room to innovate. the less we see of a driver winning because he's cars a quantum leap above others (which some would say about jacque villeneuve's career) the better, atleast now race stratagies can make up for performance differences.
btw did anyone see the 2.4litre v8 cosworth engine redbull and williams (if i remember correctly) should be using next year 20,002rpm
some teams might be using rev limited 3litre v10's because they cant afford to develope a v8, ofcourse if the v10 still proves quicker the teams will be using them instead. FIA seems to have already lost the plot on trying to cut costs :P
Formula 1 should be the pinacle of motorsport, there are plenty of single make driver focused championships (A1GP, GP2, Renault World Series etc.) but F1 is not just about drivers it's about teams and cars as well. If you set every tiny dimension in a F1 car it's just a case of fine tuning, using the best materials, to do this you need money. If you allow room for innovation then you need imagination, which is free, therefore a team with a good designer and a fraction of the budget can put up a real headache to the top teams (think ground effects, fan cars, turbos, active suspension and a load of other brainwaves most of which have been banned).