I agree. I would love to see F1 with no regulations. I mean it's pretty amazing that the cars go round the circuit as quickly as they do with only 3 litres and no turbos to play with, but I think it would allow much greater competition if the FIA would just let anything go. As for the whole driver safety issue, there are always other jobs...
It says a lot for schumi that the governing body has to radically change the rules to help the others. Remember schumi left benetton as double world champion with a great team to go to ferrari who, were not that good at the time. His skill is not only driving but building the team and car up as well. Sure Ferrari have loads more money but we live in capitalist world.
For me the point of F1 is to get car round a circuit as fast as possible, I dont care if noone overtakes( ok its a bonus ). I find the technical aspect more appealing, what I want to see is a team develop a purely computer controlled car and give it a run.