You know what? It actually doesn't look half bad!
(Just as an aside, there is another thread on a similar matter... viewtopic.php?f=12&t=10721).

I looked but couldn't find a similar thread, we should just merge all of them 
Here's Adrian Newey's takehttp://i.imgur.com/qWt0m.jpg
I think ten years from now people will be saying "They actualy had their heads out like that????"
I think the first picture you posted looks better. Not too much of an unnecessarily drastic change from what the cars look like now.
But, yes, like you said! I was thinking about people saying just that some decades down the line! If these changes get implemented, then today's cars will look totally draconian....
Actually that was Adrian Newey's take on the ultimate Formula One car, if he had no rules to play by: the
Red Bull X2010.
This says it all really: "On his first run, he
shortened the simulated course record held by Formula 1 cars on GT5's simulation of the Suzuka Circuit
by over 20 seconds, drawing out the theoretical potential of the X2010 machine." It's a beast!
On-topic though, I understand the discussion coming up, but a cannopy comes with other inherent dangers, and both dangers are so incredibly rare, it's nothing more than a little knee-jerk reaction. Many talk about Schumacher and Liuzzi in Abu Dhabi as a recent example, but I don't think it was that close and the high cockpit sides just did what they were designed for there.