With respect, you are very, very wrong! Just the grid scene alone, building up to the start, is more interesting and entertaining than many a whole race weekend at a Tilke circuit, or indeed anywhere east of the Osterreichring, (I know I'm suppose to reference the 'Red Bull Ring' nowadays, but . . .) A championship should reflect abilities over a range of competitive situations - Monaco especially tests things like really sustained high concentration, patience, precision etc which have differing defining parameters at other venues.
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