If unchecked by rules or budgets, today's technology could construct a racing car that could easily exceed the abilities of it's human pilot.
Huge wings, multiple slick tires, gas turbines, computer assisted controls, the list goes on and on. An unlimited race car could accelerate quick enough to cause temporary blindness in the driver. Under braking, there would be so much hemmoraging that permanent vision loss could be expected. Cornering could be so fierce that a driver's reflexes could not keep up with it, as well forces would break the driver's neck if not supported.
And of course, if there was an accident, with such speeds, the carnage would be horiffic.
The bottom line... racing cars can go quick enough, thank you very much. But money and the realities of safety place limits on performance. As well, there's the excitement factor, which draws in so many fans.
I would actually like to see less downforce, and i think it would be better if F1 went back to the mid/ late 60's style spec, with small wings and 400hp v8's. Of course the cars would be safer but it would be fun to see drivers powersliding cars about and 4 wheel drifting!
Personally, I'm a huge fan of the 60's era. To me, the Lotus 49 represents the true purists' race car.
But there's a saying, "You can never go home again". You can't relive the past, you have to move on. There have been many changes since that era. Slick tires, carbon fiber, TV cameras, electronics, just to name a few. But maybe the largest change is the commercialism, where today, money rules, all the cars rely on sponsorship, and it's the TV ratings that are the bottom line. And that's the problem, the FIA is selling an entertainment package, and it would have a lot more trouble if the cars didn't represent the leading edge in technology and performance.
That being said, if I was to visualize a racing car of the future, it would have a huge gas turbine, and eight wheels, go like snot, and look like a mechanized cockroach.
