Perhaps they weren't flat out all the time but it was less managed than it is now. Cars used to break frequently back then, which suggests they were pushed harder, either by the driver or by the engineers. Perhaps if they'd been run as conservatively as they are now it would have been different.
I disagree. Arguably things were
more managed back then, as reliability was so much lower. Not only were the drivers managing fuel and tyres as they are now, they were also managing engines and gearboxes that frequently went pop.
They didn't break more because they were pushed harder back then, they broke more because they weren't built as well as they are now. If they wanted Mercedes could run their engines on full for a whole race without any fear of it blowing up. If you ran one of the 80's turbos on full it would expire after about 3 laps.
The rest of your points make it sound like you'd rather F1 was decided by luck, rather than skill? If a guy has a 30 second lead with 10 laps to go he's earnt it, having it taken away from him due to a mechanical failure is not "exciting", its unlucky. Just look at the backlash against Rosberg last year when it looked like he could win the Championship purely through havign less bad luck than Hamilton. It would not have bene a popular title if he did.
I'm 29, my earliest memories of F1 are of yellow and green Benetons and blue and yellow Williams. I can remember watching Sennas crash on TV, and probably got properly into F1 around 95/96 as I remember watching Hill's season. That means the core of my F1 watching history was the manufacturer and refueling strategy dominated 00's, which was awful. The racing we have had over the last few years has been far superior to anything in the preceeding 15 years. I keep banging on about it, but the stats don't lie. In the 00's drivers averaged less than 1 overtake per race. That was not exciting racing, it was dire. Races where the teams openly called off the rae after the last pit stiop and everyone cruised home, having done no overtaking all race anyway. The introduction of Pirelli tyres and removal of refueling doubled overtaking over night, and DRS doubled it again.
Even during the so called 'boring' years of RBR dominance, they were only about 0.5 seconds ahead of their rivals. Back in the day the McLarens of the late 80's and Williams of the early 90's would have an advantage over the whole field measured using a calendar! A lot of recent seasons have gone to the final race for a decider, there have been battles throughout the whole field, and apart from a few first race blips with HRT, everyone on the grid has been within 107%.
F1 now is not perfect, its actually very very broken. But its better in terms of racing than anything from about 98-2010. And anything prior to that is far enough back that its such a different formula its almost incomparable.
I agree F1 is less unpredictable than it used to be back then, but I don't think that always translates to back then being 'better'. However, there are lots of lessons that F1 can learn by looking back at that era and seeing what worked.