Some time around 1994 or so, the cars got ugly. The barge-board phenomenon got out of conrol, and the various winglets, Gurney flaps, wicker-bills, and other aerodynamic prosthetics that have sprouted up have made for one ugly car in recent years.
Part of this is due to the very stringent safety and sporting regulations on the car's dimensions on virtually every segment of the car; there's less room for a total re-design of the aerodynamic packaging because of the rules.
I long for the simplicity of the car designs from the late '80s-early 90's. I don't think we're due back for cars that simple in design theory, unless the rules dictate flat or curved surfaces with no wings, chamfers, cuts, ducts, vents, etc.
I do agree that cars had to get narrower, only becuase the racing tracks weren't getting any wider; however, the deisgn of the cars with pre-'93 tires and pre-'98 widths look a lot better.
Since the mid-'90s, I think Williams and Jordan have done a great job of making an effective and not-bad-looking-nor-overly-designed car.