I've only watched the one race so far this year, but the rule changes do seem to have put some excitement back in, even if you do need an on-board Philadelphia lawyer to tell you when you are allowed to use the extra toys. At the end of the day, its always going to be the teams with the best combination of engineering and organisation who win, whatever the rules.
The excuse for racing is that it is supposed to improve the breed - I'm uncertain as to the value of flaps in real life. I am even less certain of the real life value of tyres that last 40 miles. The rules that limit the number of engines per car per season will no doubt eventually give use road users tougher, more long lived engines, and the forthcoming rules about 1.6 litres and four cylinders and a back-up battery I can see forcing improvements into real cars sooner rather than later.