2014 is a venture into a new era for F1.
Many rule changes foremost of which will be entirely new engine specs. F1 will forego the 2.4L V8(which have been in use 2006-2013) for the smaller 1.6L turbocharged V6.
This is not F1's first foray into turbocharged engines. They were last used 26 years ago. The first Formula 1 car to run a turbocharged engine was the Renault RS01(introduced at Silverstone in 1977) which evolved into the RS10 over 1977-1979 with a twin-turbo 1.5-litre V6. When the turbo charged engine was introduced the French were supposedly the laughing stock of the paddock. The RS10 won its first race in 1979 at the French Grand Prix at Dijon piloted by Jean-Pierre Jabouille.
The 1988 season was dominated by turbocharged engines and Honda with its turbo V6 & McLaren drivers Ayrton Senna and Alain Prost won all the grands prix except one won by Ferrari with its 033E V6.
The FIA did away with turbo charged engines in 1988 due to "safety concerns".