Budget caps are great in theory but the reality is just impossible to enforce. So instead, F1 simplified the idea with the horrible concept of freezes on engine development and testing. The richest companies still get to spend more in the off-season - all this achieves is to destroy the possibility of a Renault or Honda challenging Mercedes dominance for a whole season.
Good to see Ferrari competitive again - imagine how far ahead of RBR Toro Rosso would be this year if it hadn't switched to Renault.
By the wa, Renault power was always garbage. The Red Bulls were consistently trapping at the back of the field, even in their dominant seasons. But now they don't have the car to compensate.