I always said that the way to bring down sppending was to take their money away. Apart from the sad state of F1 in general which this is merely an indicator of, they wont be missed, they were shite.
And there is a tiny element of "as ye sow, so shall ye reap" about it. It was Honda who in the late 80's started the vast cash fueled arms race that we take for granted today.
I do hope Williams make it through OK, as they're the last "proper" team.
Tex, one thing Nazzers have going for them is that they can be done reletively cheaply, you could probably run a car for a whole year in Nascars for the cost of a single F1 car.
Between this and Bernie's retarded medals idea, I can see F1 vanishing. For a while. It'll come back as a bunch of garagistes again, and will be better for it. Meantime, I hope you all like watching Formula Ford (or Skip Barber F2000's).
EDIT: I womder where this leave Honda's challenge in the ALMS next year which was supposed to be expanded to a full (albeit "acura" badged) factory program with a view to an entry in the 24 Hours in June.