Boring BORING B-O-R-I-N-G!!
For me, seeing the top F1 cars around every second of a Qualifying lap is far, far better than having loads of cars on track at once, getting in each others' way and vastly reducing the chance of seeing a full lap.
Keep the number of cars on-track at a time down, but just give them more runs! A Friday session and a Saturday session - they should get 6 laps on each day and the best overall time counting towards the grid, like pre-1996 but with much better coverage thanks to ITV.