These are the proposals by the FIA due to take effect on 1st January 2008.

1 Engines

1.1 2.4 Litre V8 (Currently 3.0 Litre V10)
1.2 maximum of 4 valves per cylinder
1.3 two-race engine (fool-proof method for ensuring this rule is observed, plus carefully calculated penalty system for unscheduled changes)
1.4 list of components which must be made from a specific material and/or using a specified manufacturing process.
1.5 ban on variable geometry inlet and exhaust systems
1.6 standard ECU (under FIA control)
1.7 ban on ultra high pressure (direct injection) fuel systems enforced by means of FIA ECU
1.8 maximum modulus of elasticity (stiffness) of materials reduced from 40 Gpa to 32 Gpa (throughout car)

2 Transmission, braking and steering

2.1 manual gearbox with electronic over-rev safeguard
2.2 manually operated clutch
2.3 ban on electronically controlled differentials
2.4 ban on power steering systems
2.5 standard brake discs, pads and calipers

3 Chassis

3.1 weight reduced by at least 50 kilos (to eliminate ballast and thus reduce kinetic energy in an accident)
3.2 a combined tyre and aerodynamic package to be published no later than 31 December 2004 to achieve specific targets for cornering speeds, straight-line speeds, grip and braking performance, taking weight reduction into account
3.3 tyre (wheel) width reduced at front, increased at rear to allow weight distribution consistent with no ballast and to give greater drag (total of front + rear widths to stay same)

4 Sporting

4.1 no spare car allowed during entire event
4.2 cas to be held under parc fermé conditions during entire event
4.3 one tyre supplier only, all sporting aspects of supply contract under control of FIA
4.4 drastic restriction on private testing, limited by mileage rather than number of days, enforced by means of FIA ECU
4.5 two (identical) sets of tyres for qualifying and race
4.6 Friday practice: package to ensure cars run, possibly to include a qualifying session
4.7 new qualifying system to be discussed with commercial rights holder (broadcasters), teams and race promoters
4.8 if qualifying continues to be with race fuel, consider whether amount of fuel in refuelling rig before race should be fixed annually in sporting regulations with amount of fuel in car for qualifying and race free (to encourage fuel efficiency)
4.9 no tyre change during race (except genuine puncture), refuelling to stay
4.10 consider if constructors points should be scored by a maximum of four specified cars (two teams) per constructor (to encourage major teams to make cars and information available to teams coming into Formula One, see below)

5 General

5.1 no restriction on the sale, loan or exchange of chassis and components between teams or to new entrants in the Championship.

You missed out a rule:

5.2 Drivers are only allowed 1 shredded wheat before the race.

They actually sound really good. The idea of a gear lever, clutch, and no power steering sounds cool!

Not sure about the tyre ruling though - no change unless you've got a puncture, the average F1 tyre can live for about 25 laps at present - and that's without the consideration of a change in the weather.....!

Surely they're not stupid enough to not allow them to change to wets??

o.O this could make F1 fun again!!!

Sounds damn expencive for the Teams tho as the cars will get wrecked!!!

I'm thinking of setting up a Fantasy Formula 1 league for next year for the enthusiats network, what does everyone reckon?

Count me in - same style as you had going on Turbosport??

I'm thinking so, but with graphs and stuff, perhaps more of a statistics breakdown and stuff? Pre-post race reports and league changes.

The Formula One teams have agreed to sweeping changes that will dramatically change the future face of Grand Prix racing, according to the sport's boss.

FIA president Max Mosley said the teams were in almost complete agreement over the "revolutionary proposals".

The teams have agreed to introducing many proposals, including a single tyre manufacturer and smaller engines, by 2006, Mosley said.

And the format of qualifying may be changed during this season.

Source: Teams Back F1 Revolution