Not the worst ever. But pretty poor. 2010 remains my favourite season since the 2009 changes, mainly because it was a closely fought championship, but probably also because it was the last time the drivers were running flat out most of the time. I defended the Pirelli's for a while, but I've come to realise this year that they are the main problem in F1.
For the last two years I've watched V8 Supercars and the 24 Hours of Le Mans, and in both cases it is flat out racing from start to finish with quality drivers and sensible rules. Next year I plan to watch the whole WEC and not just Le Mans, as well as continuing with the V8s. I'll still watch F1 but my interest is waning slowly (as it is with the British Touring Car Crashfest).
Formula 1 desperately needs to rejuvenate itself, and I don't mean by going back to the 90s with V12 monsters that do half a lap and explode. I'm fine with 1.6l turbos and KERS... actually looking forward to the changes next year. But give the drivers tyres they can push on. Use some of the sport's technological boffins to redesign the aerodynamics to allow cars to follow, or at least tune DRS so that it is fairer (DRS could be better if it shut once alongside for example). Stop finding somebody to penalise for every single racing incident. Remove rules that are no longer relevant (two compounds). Consider altering the format to bring it up to date (I'd personally go for a practice is qualifying with two races format). Put the teams in their place - FIA sets the rules and the teams can either follow them or get out. And most importantly, make it financially viable for teams and drivers.
In short, F1 needs to go back to the basics and focus on getting those right. If they got those right, they wouldn't need to keep adding things like cheese tyres and mandatory pitstops to try and get "good" racing.
Wave that magic wand Harry