Steve- you bring up some interesting points (this should probably be a new thread, but what the hey).
One thing that has been pointed out is FC is a Formula class, not a spec class. A spec class by definition gives the closest competition, but maybe not the best. I contend that one of the reasons there is so much crashing in the junior spec classes is because the cars are so close, the drivers have to take extraordinary chances to get ahead.
A 'formula' class allows innovation within a set of rules and 'the unfair advantage' by being smart enough to build the better mousetrap. Yes, its more expensive than spec, but I think far more interesting and healthy for the class in the long run.
There have been a number of items that I can think of over the years that have improved the quality (if not the competition): AP clutches- in the dark ages we used stock clutches in FF and had to change them more often than I care to think about. Along that vein-the new Taylor clutch slave cylinder- how many times have you had to split a bellhousing to replace o rings in a VD? Brake pads, rotors, improved cv joints...