But F1 has never been about relevance to the every day world.
Spectatorship, both live and via television, is down, as are revenues, so they need to do something. However, I think that changing engine specs after only two years (no matter how much I personally dislike the current spec) will add HUGELY to the costs incurred by all teams for these two years as most of their hardware will then be obsolete. I look for more teams to bite the dust because of the change. I can't imagine Honda being willing to build engines for a new spec if they have been left with obsolete equipment after huge expenditure for a single season.
Furthermore, what will Haas do now? With the uncertainty concerning power trains, it wouldn't surprise me if he either put his entry off until the situation is finalized, or backs out entirely.