I haven’t a got of time to write a full response to this subject, but I will that say that although F1 has massive issues, the championship will be decided in the last race for the second year running – that can only be a good thing.
Has that ever happened in F1 before?
The championship has gone 'down to the wire' on 23 occasions so far. Out of 58. So no, NathanE - not the "vast majority"
The first two - '50 and '51 - were both won at the last round. '58 and '59 were. '67 and '68 were. '81, 82, '83 and '84 were. '96, '97, '98 and '99 were. '06 and '07 were, making three-in-a-row for '08 (though '06 was pretty much done before Brazil since Alonso only needed a single point).
Although my rose-tinted specs love ‘old school’ F1, I didn’t enjoy having the championship decided half-way through the season; who benefits from that?
See, I'm funny like that. I couldn't give a toss when the championship is won as long as the best driver won it. Schumacher took the title in 2002 at round 11 (France) - this wasn't a problem, he'd clearly been so far ahead of the field that he almost lapped himself on occasion. Ditto for 2004 - under the old points system (10-6-4-3-2-1) I'm sure he'd have won it a lot earlier than round 14.
Championships only
need to be close when the on-track action is a bit sub-par. And I don't think anyone would call some* of the races (read: processions) we've had this year "exciting" or "action packed". Now, if you have a year with great on-track action in every single race AND the title goes down to the wire, then you've cracked it - Formula One is once again the pinnacle of motorsport. What we have right now....just isn't.
1993 was probably the last truly great year. Senna versus Prost, the upcoming Schumacher and Hill, the cars were hugely advanced with a range of different engine designs (V8s, V10s, V12s rather than all just V8s) so the races even sounded more exciting. 22 drivers scored at least one point out of the 35 who entered at least one race.
Then Prost retired. All the high tech stuff that the teams had developed was banned. Ratzenberger and Senna died. Barichello and Wendlinger both took heavy knocks, as did Lehto, Alesi and Montermini. The cars and tracks were butchered, and the old panache of F1 was gone to be replaced with the new safety
uber alles era.
***edit***
* - reckon I should clarify that, knowing this forum. When I say "some" of the races this year have been poor I mean just that - some of them. Not all of them.