Fugly it may be, but these latest things are hardly suave, are they? Most of us would prefer a good noise to a great looking car, but give me innovation over both any day.
When was the last truly innovative idea to strike an F1 designer? Twin-keel is about as good as it's been in recent years. I'd say the last was the CVT gearbox, which also didn't run in anger.
We've seen rear-engined cars being laughed at, out-board brakes, individual engines for each wheel, engines stitched together, 7 foot wings (only 5 foot at the front...), skirts and ground effects, 4 wheel drive, 4 wheel steering, enclosed wheels, the schumacher chin, that CVT gearbox, engines a stressed member of the chassis, cars made from about 8,000,000% magnesium, cars made from wood, coffins made by Colin Chapman, fan cars, computer operated suspension, perhaps traction control and turbo engines... all of it innovative to motor-racing or F1, some it even caught on. I can't think of anything in the last 15 years though.