All other motorsport formats are exciting, simply because overtaking is possible, even when it's virtually impossible (as in Rossi's case). Its just F1 thats dull.
Shame the FIA couldn't push through the idea that its the number of wins in the season that decides the championship, that would enforce proper racing for the spectators.
sorry TB, but a lot of the close racing in motorsports is contrived for spectacle - look at BTCC, GT3, etc - yes - very exciting, close races but thats because the cars are handicapped like race-horses to artificially generate similar performance in different cars. F1 is a purer form of racing - if you want a lot of overtaking, watch huge V8's thunder round an oval all day with the lead switching every few laps like NASCAR - to me the overtaking becomes meaningless and it soon becomes boring 
And watching the same cars following each other lap after lap after lap for 90 mins is exciting?
BTCC's ballast does make it closer, and thus naturally more exciting.
F1 is far from pure racing - if it was, all technical restrictions would be lifted. I'm not saying thats the best thing of course.
F1 currently lacks any drivers with a real desire - they are happy to not take risks in a race, happy to just take points for the overall championship. That makes it poor for the paying spectators. Love him or lothe him, Schumacher was a fantastic ambassador for the sport by always trying 110% on the track. Senna, Prost, even Mansell were all true racers as well - if there was an opportunity, they would go for it..
Its not just the drivers, there is a technical restriction to overtaking - aerodynamics. This again needs to be drastically reduced in favour of mechanical grip (the move back to slicks this year is a start) - that would allow closer, more exciting racing, rather than the current 1-2s between each car. Now wouldn't that be more exciting - allowing them 1000bhp, but very limited downforce
