http://www.f1technical.net/news/10632
I think this an exceptional idea if they do it right. 3 hours of free practise sessions is no proper replacement for a full test day. F1 need to have full grand stands on Fridays as we saw in Singapore five days ago. They can easily shed another 8 in season test days then.
Financial incentives to be fast could be one way. They also need to look at having more time on track and giving young test drivers more time in the cars. I my view they should have 4 90 minute sessions of which 3h are dedicated to test drivers. the test drivers should also be elegible to the cash price for fastest lap.
Finally I want them to have a go at the new drivers point system that Bernie has been thinking about for years. Championship should be decided by the number of wins with second and successive places only counting if they are tied. the teams can have a completely different system for the money that may or may not reflect if they are chassis constructors.
I do not think the current system represented and promoted by Williams is very sensible. Toro Rosso shows that there is some milage in clever contracting and good management. they need to look into that in my view. In the last 10 years Williams hasn't contributed anything in terms of new cutting edge technology to F1. But they have politiked to protect their third rated engineering by all kind of rules and schemes. they still loose tons of money and will go the way of Jordan sooner or later, unless something new comes up.