I agree with HoHum here, one of the most distinguishing characteristics of Formula One historically and traditionally is the ability of not only drivers racing, but also constructors racing, engine manufacturers racing, tyres suppliers racing, aerodynamicists racing, strategists racing each other, etc, etc, etc.
I don’t know if this is the reason for Formula One being the pinnacle of motorsport or for the huge difference in audience between F1 and other motorsport series, but having this DNA it sure helped. The ability of Colin Chapman’s skirts, Frank Williams driver aids, Adrian Newey aero-genius and Ross Brawn’s Double Diffusor, amongst others, the ability of these inovations in winning championships is unique in the world of sport and it would be very very dumb if we were to revert F1 to being a kind of over-priced GP2.
I don’t know about the engine issue in discussion here, as I’m no expert nor I follow it too close, but in principle I’m always in favour of giving the teams more room to innovate. On the other hand, some of the best innovations in F1 history derived precisely from the regulations being restrictive. So I’ll side with those who say we should keep the noise of the engines.