Why not? What's so boneheaded, as your emoticon implies, about showing driver skill rather than how much money a team can spend on development?
Yet again, I'd far rather watch single car, single engine, single class, racing than the big money teams leaving the others in their wake simply because they have a bigger development budget.
As has already been said by a number of people, F1 is chasing the money and the money is in the Middle East. They'll build brand new tracks (that won't fall to pieces as the cars race in them, Canada), have track owners who will bend over backwards and ask Bernie how high (won't they, Mr. D. Hill?) and will be prepared to "modernise" the track, rather than insisting that it should look like this because it has for x number of years (Magny Cours).
As a business decision, I can understand it. I don't like it. I don't like Ecclestone at all. F1 isn't a sport though, nor is it run for the benefit of the competitors any more - it's a business designed to bring in money for the F1 management.
Ian P.