We haven't even seen a single race so I think it's premature to write it off. If the changes enable the drivers to pass each other more frequently they would have been worth it in my opinion.
I really couldn't give a proverbial if Alonso is 20 thousandths faster than Hamilton in an 800hp screaming machine unless he can pass him and be passed on the track. Have a look at the races in the 80's - they passed each other! That's what I want to see. To me, that's where the excitement of racing comes from and if that means limiting power and changing things up a litte then so be it.
Having said that, I also watch rally but that's a totally different type of racing and I watch it for different reasons.