The drivers of this era, the Hamiliton's, Alonso's and Vettel's have it very good indeed. They get to test their ability against a strong field of drivers. The cars they drive in do not reflect parity, however things could be a lot worse.
A brief look at the 2002 season confirms this. First lets compare drivers.
Elite Drivers2012 - 3 vs 2002- 1
Lewis Schumi
Vettel
Alonso
Very good drivers 2012 - 2 vs 2002 - 2
Kimi (I could put him in elite) Juan
Jenson Kimi
Good drivers 2012 -10 vs 2002 - 6
Webber Rubens
Massa Couthard
Rosberg Ralf
Hulky Button
Perez Trulli
Pastor Gancarno
Schumi
Romain
Kobayshi
Paul
The field today for me is far better
Cars who are capable of winning Championships2012 - 2/3 vs 2002- 1
Red Bull Ferrari
Ferrari
McLaren
Cars capable of winning multiple races2012 - 3 vs 2002 - 1
Red Bull Ferrari
McLaren
Ferrari
Cars capable of winning races at some point2012 - 7 vs 2002 - 3
Williams Ferrai
Ferrari Williams
Mercedes Mclaren
Mclaren
Lotus
Red Bull
Force India (Hulky could have won Brazil
More cars capable of winning and more drivers in decent cars.
F1 can change year for year, the next year after 2002 featured a better season. But the one after (2004) was just as bad, the one before (2001) was pretty dire also.
2011 was pretty bad in terms of competitiveness, but 2010 was top draw.
My point is despite 2011, we are in a bit of a golden period, better drivers and better cars. The gulf between the quality of drivers from 2012 to 2002 is mental in my view. Ferrari tyranny from 2001-2004 was bad for the sport, Red Bull dominating 2011 was bad but that was one year in the past 3.
Its great for us fans but also the drivers, I feel competing against more credible challengers in decent cars enhances legacy. Vettel as much as I may not rate him compared to Lewis and Alonso, has won two Championships (2010 and 2012) against a class of cars and drivers that are better for their time than Schumacher ever faced in my view.
So when we all moaning about Lewis vs Jenson or BBC losing coverage remember we are in a golden age.

Edit: Sorry about my opinion of stats being grouped together and hard to read, I cannot space them for some reason.