To me formula one should be about:
Pushing technology boundaries for speed
Developing useful technology to hand down to road cars
Exciting racing with overtaking
Sadly it has none of the above anymore, the excessive rules have really killed the sport IMHO, they keep bringing in more and more rules to try and get the budget down, but it doesnt work as the more rules you have the less room there is for innovation and the easier it becomes to buy your way towards the front of the grid.
Shame, as there are some truely great drivers out there, but you really dont get to see how good they are when they are all just spending 99.9% of the time looking like a quicker version of a parade lap.