Honestly I don't know. I want you guys to be given freedom to do what you do best, invent and create crazy **** that makes cars go fast. On the flip side, with less restrictions I'd fear that only those teams with mega bucks would be able to take part to a degree. Though if more of the money went to the teams then they could all probably compete just fine
Ultimately I want you all to sit down, all the dudes with brains like planets, and work out exactly what few rules you would need to put in place so that
a) a car can follow fairly close behind another in a fast corner
b) you don't spend every minute and every £ in the wind tunnel trying to achieve 100% aero efficiency
c) cars can't go flat through Turn 8 and maybe even 130R.
d) cars remain safe. So that probably means still not allowing them much over 200mph ish by whatever means be it aero limiting or maybe fuel flow limiting or whatever.
e) costs are not so exorbitant that only 5 teams can compete.
And finally stop going to circuits that don't offer overtaking opportunities. I'm sorry that that probably includes Monaco for the most part but that's what I think.
EDIT:
Well as far as i am concerned you are racing.You wouldn't tell a 100M sprinter he can only consume so much Oxygen.
But if you strap a 3 litre engine to your RB Vettel would be going much much faster wouldn't he? I think there would need to be something which prevents TOO much speed if only for the safety of the drivers. I know they are all mad for the danger anyway but we don't want to see nasty accidents because something snapped or went wrong at 250mph. Its bad enough at 200.
What do YOU think we should see in a breakaway series?
I'd love to see someone rock up with a hydrogen engine or something though.