You've got three, possibly four, amazing drivers fighting for the championship. Two immense manufacturers dominating with teams like Williams and Renault not too far behind, some superb driving talent in Hamilton (obviously), Kovalienen, Rosberg, Wurz, Kubica and Anthony Davidson along with the existing talents of Fisichella, Trulli, Sato and Heidfeld and the whiley veterans like Ralf Schumacher and David Coulthard.
Admittedly some races are getting a little boring and this Monte Carlo Grad Prix wasn't as eventful as recent years but the intricate pit-stop tactics are more prevalent now instead of just gunning up the inside of the guy in front of you and make it more a battle of wits now, as opposed to the Ferrari-dominated era of just who has the most money to pump into their development.
I think it's less a accessible sport now for the casual fan who watches a couple of races here and there but for the long-term fans who follow is closely, it's a very interesting and cagey battle of minds between race directors from the different teams. The lack of overtaking and the post-Senna/Ratsenberger safety measures have taken some of the thrill and danger out of it but it's still blokes barrelling down a strip of tarmac at 200mph+ in something with a body panel thickness of less than a centimetre and acceleration that would snap your neck if it weren't for neck supports. This all said, I'd rather see my favourite drivers driving around passing each other half as often than seeing them plastered on the barriers in a firey wreck.