It is apparent I am in the minority here and to be honest, as I said before, I have had great fun in the time based class racing I have been a part of. It does simplify the notion of post-race scrutineering and makes things easier. But to me... Half the fun of racing is building a car to a rule set, and doing it better than the next person. You still have to drive it well enough to win.
I came from karts and all classes run to a rule set. Cheating is rare but it happens... More often in the junior and rookie/cadet classes where parents are desperate to see their child develop into the next Ricciardo and will do whatever it takes to get them there... But everyone in the pits knows who is cheating, and generally, they all eventually get caught and spend lengthy periods of time on the sidelines.
A smart set of rules can minimise cost AND the risk of cheating. I'll leave it there though, and full disclosure... Regardless of the rules, I'll be racing the cup next year with bells on, time based or not