"This is a big shit sandwich. And it looks like we're all gonna have to take a bite."
That is pretty much how I feel about this situation. Every part about it is bad. I don't really see any resolve to this issue. And by the looks of it, neither does anyone involved in the sport either. In the end, the most likely result will be a break up of the series. Which is the worst possible scenario. Just look to see what a split did to the US open-wheel series CART. They split back in '96 to form IRL and ChampCar. ChampCar is long since dead, and IRL is not even close to what CART was back in the 90s. I fear that F1 is headed for a similar fate.
With championships like ALMS, WTCC, the Le Mans series, etc all able to compete for the attention of the fans almost as much as F1 does now. The draw of F1 will be lessened if the manufacturers leave and form their own series. On the other hand, if the manufacturers are forced to use the £40 mil cap the series might end up a shell of it's former self. And a sports car based series like ALMS or Le Mans might draw away teams and fans from F1, because they don't have caps on spending. Yet still have a good technical challenge on designing and building a car.
Personally I don't know what the solution is. That's why I don't run a racing series