The regulations have been given a radical overhaul - some suggest they are biggest changes in the sport's history - primarily designed to make F1 leaner, greener and more relevant to today's road cars.
From the perspective of the layman, someone who watches F1 for the love of the sport rather than the technology behind it, the hope will be the new rules result in anyone other than Sebastian Vettel and Red Bull winning next year's titles after four seasons of dominance.
There are no guarantees, of course, certainly not when you have the most creative mind in motorsport in your corner in designer Adrian Newey, and in Vettel, one of the best drivers F1 has ever witnessed.
For their rivals, the slate has been wiped clean and with it they have been afforded the opportunity to end Red Bull's hegemony.
So what is all the fuss? Well, in simple terms the normally-aspirated 2.4-litre V8 engines that had been in existence since 2006 are now a thing of the past.
And you can forget the word 'engine' because that is also no more.
Instead, in comes the word 'powertrain', with a turbo-charged 1.6-litre V6 at its heart, supported by the all-new ERS (energy recovery system).
Whereas we once had the kinetic energy recovery system, or KERS, that stored power under braking and was re-released for a power boost of 6.7 seconds per lap via the push of a button, now ERS takes over.
ERS combines two electrical motor generator units, one of which works like KERS, while the second harvests waste energy from the exhaust flow, allowing for 30 seconds of additional power.
Such technology is seen as vital for the future of road cars as they will eventually be able to use a similar system, so saving on fuel.
In F1, the new rules will see each car start a race with a maximum fuel load of 100 kilograms, the equivalent of 140 litres, and run at a maximum of 15,000 revolutions per minute, as opposed to recent fuel levels of 150kg and with an rpm of 18,000.
With the three main engine manufacturers in Ferrari, Mercedes and Renault able to get their creative juices flowing for the first time in years, there is now scope for a changing of the guard.
As Andy Cowell, managing director of Mercedes AMG High Performance Powertrains based in Brixworth, remarked: "It means motor will be put back into motor sport."
At such an early stage in proceedings, before a new car has hit the track, Mercedes are understood to be the frontrunners.
But do not be fooled because it has been Renault - engine suppliers to Red Bull over the years - who have produced the most fuel-efficient unit in recent times.
As far as motor sport's world governing body the FIA is concerned, efficiency is now the name of the game.
The FIA's head of powertrain Fabrice Lom said: "The aim of the new regulations is to keep F1 at the pinnacle of motor sport, but to do so mindful of the era in which we operate.
"Yesterday, the sole aim of transportation was to travel from A to B as swiftly as possible.
"Today, the technology is such that anyone can go fast, but they do so knowing resources are not unlimited and must be used with care.
"The game is still to go fast, but to go fast using less energy and spending less money.
"This ratio between result and consumption is what we call efficiency, and the new F1 regulations want to promote this.
"The best power unit should be the most efficient."
But what everyone wants to know is, can Red Bull and Vettel be stopped?
The teams also have new aerodynamics to contend with, predominantly around the front wing which will be narrower and with a lower nose, and that is where Newey excels.
At this stage, however, even Newey is nervous as he said: "It's very hard to judge where we'll be at the start of the year.
"The regulation changes are engine dominated and it's not at all clear at the moment which of the three manufacturers will come up with a better product than the other two.
"That's both from a performance point of a view and reliability, which will certainly be quite a concern at the start of the season."
Either Newey is playing his cards close to his chest and bluffing, or there is genuine trepidation as to how the situation will pan out.
Either way, F1 is potentially in for its most thrilling season for years.