I think it's a great thing. As gronk says, it's been a spec class for years - all the floor pans and roll cages are built by one guy in QLD, and the Ford or Holden shells are put on top. The doors are narrower, they're completely removed from the production cars. So long as they don't go as far as nascar has gone (with a spec shell, the only difference between "manufacturers" being the paint), I think it'll still be very enjoyable, as well as keeping the cost under control. Under COTF, you can still have different engines, different shells (within aero parameters), and different setups.
I love Production Car / Touring Car racing as much as anyone, but the reality is unless you introduce control over the spec, it simply ends up like F1, where the person with the biggest cheque-book always wins. By having a spec chassis and drivetrain and power/weight controls, more manufacturers can join in and the racing is closer. COTF gives the drivers a proper racing car, that's more inline with what the current models are. How long has it been since you've been able to buy a commodore with a solid rear axle, yet that's what the current V8 Supercars run? Better suspension, higher grip, lighter weight, they'll be a barrel of laughs to drive.
As much as I loved the days of the M3's winning in the wet, and the Skylines winning absolutely everywhere 'till they were banned, I can still enjoy the Supercars for what they are. I'll be down in Townsville (again) this year - tickets already booked!
Cheers!
Matto
(I may find Nascar racing boring, but it's technically awesome. IE, a gearbox cannot weigh less than X, so they make it weigh half that, then add the difference as lead plate to the bottom of the housing to make the COG as low as possible, whilst staying just inside the rules. Wonderful stuff.)