2012 F1 Cars Are Super Ugly

I can't imagine anyone is going to be putting the current crop of F1 cars onto their walls as posters. The new stepped nose design (adopted by all but Mclaren) has to be the worst thing advance in F1 design since the turning vane/barge board.

Now I understand that fast is beautiful in the eyes of the designers, teams and drivers; but just how twisted have the regulations become when even painted Ferrari red the just look like Joe Bugner after another mauling?