It is probably impossible to have both, as the technology allows perfection each and every time there is no guesswork.Engineers in professional teams pretty much know 'everything' after the first session, as they have already simulated everything from previous data.That goes for the engine/chassis build as well.
I still think great tracks make great races. Phillip Island and Laguna Seca consistantly produce great races(with Laguna 08 many fans choice of the race of the decade), the answer isn't street races or Herman Tilke designed abominations.The more the track takes advantage of natural terrain the better it seems to be.Which is consistent with your outdoor v's SX analogy.
I don't think there is any more or less brown pants moments today as there was yesterday, these days everyone scrapes their elbow in MotoGP that's going pretty hard, going through Reid Pk on a sub 2.10min lap with the mirror kissing the wall, at Bathurst still frightens all the V8 drivers.
I've had a close look at a V8(a Fujitsu car) and they basicaly are up scaled aussie cars, ie a tubular space frame with a 'body' bolted onto it. All the panels are pop riveted together and to the space frame on a V8, the big difference is the three zero's on the end of the price of everything for a V8
NASCAR is simple and cars are close(and a
lot more technology than any fan would admit) etc etc but to any racing purist resembles the WWF.
My quick fix comes directly from Peter Clifford of
WCM fame........................... 4 speed gearboxes............
Formula Ford and 125GP embodies all the on the limit, close racing , elbows out and rubbing is racing ethos but unfortunately that's when most race fans go to the loo and the beer tent