I agree, the ommision of ground effects is a major missed trick.
But I don't agree about the engines. They could have opened the formula up, but then you have the possibility that some designs outperform others. You have to rememver that 'back in the day' grids were spread out by 15 or 20 seconds top to bottom. Ignoring HRT and Vigin, current F1 grids are seperated by only 5 seconds or less. The FIA cant allow massive gaps to occur.
Just imagine if they did, and the Renault engine was 2 seconds a lap faster than the Ferrari, which was 3 seconds a lap faster than all others, except the Cosworth, which had taken a risky route that didn't work so it could match them, but instead blew up after 20 laps... You would have a F1 championship decided before the racing even began.
Its something they have stopped successfully with the tyres by mandating a weight distribution. They just cannot afford to loose the currently very close F1 field. This is why they have designed almost a single specification rule. You might not agree with it, but its the only way we can guarantee close racing.