Back in olden times, I attended every F-1 race for two years, except for South Africa (couldn't figure out a way to have the army send me there. Boy, are those days gone. The only good that I can see having happened since then is major advances in driver safety, which I hugely appreciate since I was at Hockenheim in '68 when my racing idol, Jim Clark, was killed.
Things that have largely killed F1 as a meaningful barometer of driving skill:
1. Refueling.
2. Automatic transmissions.
3. Allowing different tire brands and types (i.e., non-spec tires).
4. Allowing ever more and more crew members to conduct a pit stop.
5. Allowing changes of multiple tires on a single pit stop.
6. Requiring tire changes and the use of multiple-spec tires during a race.
7. DRS.
And that's without even mentioning shit tracks like the Hungaroring; urban races other then Monaco (which has always sucked anyway, but at least there was only one); sponsor-owned teams; and of course, the ultimate death knell: American ownership of F1
I can see better actual racing any weekend at an SCCA track.