I think it could work with the right level of support. Put it on the Grand Prix package along with an F2 world championship and sell it as a united TV deal - if you want to show F1, then you also have to show F2 and F3. Sundays are 3x GP's like in MotoGP, with the F3, F2 and F1 race. That would dramatically increase the exposure of the championship and might interest some real sponsors.
I'd love to see an open formula, but I think a good middle ground could be a new Dallara design that is frozen for a couple of seasons. Different engines should be possible right off the bat and could lead to factory supported MB, VW, Toyota and Honda junior teams.
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