I got a good laugh on Saturday seeing not one but two S-Works Venges with deep-dish ENVEs/Zipps lined up at the start for the Cat 4 field in Central Park.
I remember when the Venge and DI2 were first released I did a group ride in Mississippi and there were two of them present. I drooled all over them, because I'm a shameless gear-*****. The owners were dropped by the first overpass (what passes for a KOM in those parts) by what was a decidedly C group while the pack was warming up. Harder to buy an engine, I guess, although that seems to be easier these days.
Banning equipment would likely drive away more riders than it would attract. Better to get the big spenders hooked before they realize they can't buy talent. They'll either stick with it until they develop or there will be a lot of expensive gear at deep discounts.
For the record, I try to buy my way into speed all of the time. It rarely works, but I keep doing it. Fat carbon wheels make me look skinnier.