Well the difference between the 70's, 80's, and 90's compared to today is that the reliability has increased ten fold. When they had more mechanical issues in the past, it opened the door for other teams and drivers that had no business winning, to win races. The problem with the current formula is that nobody has a chance to catch up until the formula changes every 4-5 years. It's very obvious if you know anything about F1 that next year, nobody has a chance of competing against Mercedes. Absolutely zero chance. If for some reason you think that in 2016 another team will have a chance, let me help you out here --> nobody else has a chance.
http://planetf1.com/news/horner-doubts-merc-reign-will-end-in-2016/
That is a huge problem. Ferrari has the most money and what they will do, is blow away everyone in second place. They are considered the only threat and this is the second best marketing strategy to actually winning. They may take a race victory or two and get the media attention but that's it and it's not fair to the other teams who don't have the budget. The "sport" now becomes about a financial model and
only about a financial model and that's when sport suffers because the product is terrible. I get that the 80's and 90's were exciting and watching Honda and Renault dominate was great but times have changed. Reliability is better and there's no more error. The sport, if you want to call it that, is in really bad shape and it's been painfully obvious for the past decade.