Words can't express how crushed I am...
1). It will be very hard to follow: Can you imagine how intense the TV graphics will have to be, and how they'll utterly fail the viewer?
2). Endless confusion: Just one example: eliminated driver on an out lap impairs a live driver's a hot lap. Protests follow, etc. This will be common and cost the sport precious legitimacy.
3). Its embarrassing for fans: The pinnacle of motorsports making another gimmicky change in attempt to fix something that wasn't broken.
But over and above this, I'd like to submit this factor for discussion: the new format effectively does away with the fascinating pit lane/pit garage dynamics, which are some of the most distinguishing and hard-to-see dimensions of the sport.
Im talking about those delicious details: the driver's computer screens, close ups of the cars & the drivers faces, views into the cock-pit, the heat blankets, the blowers. You even hear different sounds.
These little things are what communicate F1's other worldliness. It crystallizes the technical and competitive supremacy of F1 compared to Indycar, WEC or NASCAR, especially for newbies. Its an important and badly needed visual differentiator. And soon, it will be gone.
Footnote: The qualy part of the spectacle is what hooked MY WIFE. The race, to her, was just another car race, and that's what the new qualy will look like.