LdM has been rattling Bernie Ecclestone's cage recently with talk of a breakaway series after 2012.
http://www.jamesallenonf1.com/2011/05/montezemolo-confirms-massa-and-reflects-on-f1s-business-future/
http://www.planetf1.com/editorial/6931611/Luca-s-Billion-Dollar-Battle
The teams can certainly organise a rival series with cars, rules etc BUT where would they race? The assumption is that existing race tracks have non-compete clauses in their agreements with Bernie that prevent them from hosting rival race series.
From a fan's perspective, I like the existing situation ... I don't want to see a 1.6 litre 4 cylinder turbo-charged engine (as Jean Todt has been proposing) and I think this idea will fizzle out.
I think the current set up doesn't favour teams like Ferrari but that's their problem ...
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