Standardised Engines for all F1 cars?

With the global economies looking to head for a downturn, FIA is looking for ways to cut costs in order to help teams keep their budget low. One of the idea they are toying with is that of using standardised engines on all cars.

I find this very ironical. F1 has always been a sport where engine manufacturers put their new engines to the test. Engines are also one component of the cars which the leading teams (like Ferrari, Honda, Toyota, Mclaren, etc) take pride to improve and that is what makes the contructors' championship interesting. Apart from car setup, race strategies used by teams, reliability of their engines are also important if they want to win the contructors' title.

It is probably why Ferrari and Toyota have expressed their displeasure and they could withdraw from the F1 if FIA gets their way on the standardised engines issue. If they go the way of standardised engines, then they might as well scrap the F1 and focus on A1 GP (where every team uses the standardised car).

In my opinion, what is F1 without Ferrari.