To be honest, it is like brake fade on a car. Gradual and you don't realise until you directly compare with what was before. Frankly last years engines were poor compared to the V10s of the 90s, and to older fans the V12s were the best etc.
People do go and keep coming back for the thrill of the sound at races, I think at least at the tracks themselves, audiences will decline dramatically unless something is done.
As for TV, I guess entertaining racing will keep most people interested, but for me that isn't enough. There's enough of that in other series, and that's without the gimmicks of DRS and (K)ERS.
The FIA have Formula E now to be greener, so I really don't get these family car engine and fuel consuption rules at all. Make Formula One has fast and loud as it possible can be, and have Formula E for showcasing electric technology and environmentally-friendly concerns. None of these new regulations are Ecclestone's doing either, despite the common misconceptions - he only has power over the commercial side of things, albeit he was influential in the introduction of DRS and KERS to bolster overtaking.
F1 has unfortunately gone from representing the top speed and excitement of motorsport to somewhere in between, which just isn't right.