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I don't think the reason for the increased competitiveness throughout the field has anything to do with the increased downforce generated over the years. I'm struggling to think why a spec series of lower downforce cars would not lead to improved racing. I feel like I'm missing your point.
If I had to choose between watching regular F1, or watching the current crop of F1 drivers race in a field of Caterhams, I'd much prefer the latter.
Racing wasn’t much better then, it was just more lethal. Not sure a return to that is an improvement.