I do not agree with the telemetry argument. If we truly want to go the 21st century, we should put in robots :-). I actually know a couple of guys in a lab next door that are working on AI capable of driving in city traffic, if anything F1 should be easier (more controlled environment). Actually, F1 seems to be moving in a slightly different direction, given the degree of micro-management we see in pit radio transcripts, we are likely to end up with remote controlled cars :-).
I actually find the degree the drivers are controlled ridiculous. I prefer to see drivers who can make important decisions for themselves, who can see the race developing in their minds, devise strategies. A great driver should be more than just a guy that can ride fast. So in my fantasy F1 I would ban all radio links with the car, the only exception being emergency calls (yellow flags and such). If you want to tell the driver something, use a board on the pit wall. I’d really like to know how the pecking order of the current generation of drivers would change if they had to do their own thinking. I’d expect Alonso to do quite well, I wouldn’t put my money of Hamilton (but I might be wrong), and I really wonder how Vettel would do. We all know about Raikkonen :-).