Meh, Australia really is a poor track. Without the safety car last year it would have been the same. Rosberg finished 24 seconds ahead of Riccy(whose car had more power than it should have) last year, but after a safety car reduced his existing lead around lap 16-17 or something, so 6 second smaller gap but in 12 less laps or so. The safety car also helped make a few overtakes in both races... but that was about it. A few more cars, Australia is too tight, straights too short with too many of the faster corners being single file, joining together with next to no chance of taking them side by side.
As for a lot of it is off the track, yup, agreed, but that is what F1 has always been, it's an on track drivers race and an off track technology race.
Ultimately most of F1(afaik) has been one team nails a certain format, a new engine, or a new aero regulation, or a new tire, or picks the best engine, or the best tire, and somewhat dominates for a time.
Thing about cost caps and the STUPID , utterly stupid thing Brundle suggested which is that regulation should be done without the teams input, is it won't work. F1 loses money for the big teams, they sink money in because they have ulterior motives. Mclaren find value in the advertising of their brand which extends beyond F1. Renault find a technology extension behind F1 and value in marketing, same for all the bigger manufacturers. If as Brundle suggested in his column, regulations no longer included the teams and they just picked an engine.. if said companies see no value in pumping 100's of millions into developing those engines they'd be out, it's that simple. Like RBR, when there is no longer value to them they'll be out.
F1 has always been driven by the companies that are in it for more than actual profit from the racing itself, those who invest beyond what they can bring in with the motives outside of F1.
Currently we're a bit aero limited regulation wise but engine very heavy with development. The previous 5 years was mostly frozen engine but wider aero rules. F1 goes through spells. After several years of engine development we'll have locked engines and a new aero period with a big change. I think that is good for the sport, big changes and a race to see who can develop the cars the best.
If Ferrari/Renault hadn't ballsed up their engines quite so badly last year would have been pretty competitive anyway and this year still could prove to be more competitive than people think. At the most fuel limited tracks Merc had their biggest advantage... such as Australia. The most efficient engine and team might find that they had enough efficiency to go pretty much as fast as they can go elsewhere, while other teams were limited by efficiency here and will gain more than merc will at less fuel limited tracks. I wouldn't count this season over yet.