Arguably though, it's not the team that is the dominating factor, but the engine. How is this different to say, when we had two tyre suppliers and some teams, irregardless how good their car was, found themselves on the wrong tyre and couldn't compete? Is that a kind of formula that is good for the sport?
Again, except the rest of the customer teams are showing that this clearly is the team that is making the difference - putting the engine in the back of the any of them has not suddenly made any of the race winners. Force India were one of the slowest this weekend; Lotus has climbed, but the drivers are pointing out that the chassis is also
way better behaved than last year; and Williams, no stranger to leading and winning championships are still ~1 second behind.
However, the Formula 1 being an engine dominated formula is not really a new thing, its just not been seen for a long time with the stability of the pervious rules, and a lot of us haven't really "grown up" with F1 being that way. For the past 10-15 years aero has been the most single prominent factor in F1, but really, how is that good for the sport? How does that serve me in looking at relevancy to the outside world? At least with the new engine rules you can look to some applicability to something you can potentially purchase.
It frustrates the hell out of me when the likes of Horner or Marko comes out and says "we need to change the engine rules because they are too complicated"; you know they wouldn't be saying that if Renault had got their act together, and for my money these engines are the most interesting thing to happen in F1 is decades - cutting fuel usage by at least 1/3, driving hybrid technologies forward is 100% applicable to any road user out there, and directly relatable to me as an occasional Prius driver. I say let engines be part of the differentiator for a while, as this more relevant to the average punter than many other factors; if they all allow this engine rule set to mature then eventually things will plateau with a narrower performance band between the manufacturers and something else will become the dominating factor.
[Note - I do get agitated over other technologies banned by F1. Active Suspension, CVT, ABS, etc. are all technologies that are relevant to standard road cars and development in them for F1 can help bring costs down and waterfall quicker to road cars.]