Those who are just venturing into F1 or have not been around between 2007-2008, I absolutely recommend you to watch those seasons or at least recaps because for different reasons they were two of the most intense, most memorable seasons ever, with some of my all-time favourite races.
2007 was an incredible head-to-head battle between Ferrari and McLaren who'd swap each other in being the fastest car by a little bit nearly every weekend. There was a fierce intrateam battle in McLaren between the veteran Alonso and the rookie Hamilton which resulted in various escalations (Hungary being the most notable one), a battle which made the team lose a lot of ground when their car started to become more often superior. The McLaren meltdown was further amplified by the fact that an ex-Ferrari employee gave hundreds of pages of confidential material to the rival team, data they initially denied having used but that turned out to be one of the key points of McLaren's year-wide strategy. They walked away with a constructors ban and the biggest fine the sport has ever seen, but controversially they were still allowed to fight for the drivers title and their 2008 campaign was unaffected.
While things at Ferrari were more peaceful, they were dealing with the aftermath of Schumacher's retirement by brining in Kimi Raikkonen, who narrowly missed out on two titles already and was ready to make up for that. Massa was no bad driver either however, and up until 2-3 races from the end he was totally in the title fight as well. We therefore had an incredible last 2 races where 3 drivers fought for the title, which was decided in the most unreal way possible, with people having to keep out the calculators to understand who's gonna win in which permutation of results. It was not a season of many individually godlike races, in fact it was terrible in terms of on-track overtakes compared to the following years. This memorable title fight, BMW being a great third peer, a dramatic Canadian grand prix, Vettel's debut and a couple rainy races made it, however, a classic.
2008 was different, but it still continued the fierce battle between Ferrari and McLaren, with a title decided in the most epic final race Formula 1 has ever seen, in which the fate of the title changed multiple times in the last couple laps. Alonso went back to Renault which was nowhere near as competitive as the top 2 teams, but where he still managed to get some impressive results (albeit one shadowed by the crashgate in which Piquet Jr. purposefully crashed into the wall to warrant a safety car right when Alonso was pitting). The intrateam battle at Ferrari continued, whereas McLaren signed Kovalainen who really was no match for Hamilton. This year had Ferrari have a slightly faster car for most of the season, albeit it was close, but the traction control ban, the frequent rainy races and a generally chaotic season meant that no race was a cakewalk.
We had some spectacular mechanical failures ruining certain wins. Multiple memorable rainy races like Monaco, Silverstone and the finale in Brazil - or, how can we forget, what looked like a straightforward race in Spa that turned into absolute mayhem in the last 3 laps due to an intensifying rain which changed the leader more than once, even after the chequered flag. With Ferrari and McLaren throwing away a lot of points, BMW became more and more of a credible threat, with Kubica even claiming a win and staying in the title fight until nearly the end of the season. But saying all this doesn't even cover the complexities of this surreal season, in which both the Ferrari and the McLaren drivers and teams made so many shocking errors that make last years' McLaren, recent Ferrari or Haas look like peak Mercedes or Brawn-era Ferrari in comparison. A messy start in Japan with half the field going off and crashes everywhere, enormous pit stop screw-ups, lots of unforced errors. 2007 had some of the most stable cars in the history of the sport due to incredible amounts of electronic help, when they banned most of that in 2008 it greatly impacted the spectacle of individual races.
They were the last two seasons of a weird era, one in which every year felt drastically different in terms of power race, general rules and narratives. The sport had a lot of issues back then too, and the lack of overtakings in 2007 was an enormous one. But unlike now, titles were hard-fought, the performance levels would vary between one weekend and another among the top 2 teams at the very least, and there was all kinds of drama that drastically altered both titles' fate. Looking at the current era of Formula 1, we only had 2 seasons in which the final race of the season was the title decider, and in hindsight neither race was particularly exciting after, by the way, two far less exciting seasons where the main drama was just the intrateam Mercedes battles. If you want to see how the last balls-to-the-wall rivalry looked like between two historic F1 teams, look no further than 2007 and 2008.