They have to cut their fuel load by one third this season. Fuel efficiency and reliability is now the name of the game. Technologically speaking, it's exciting. But many people (including myself) are worried that this could end up being the dullest F1 season ever. Endurance racing instead of 'going as fast as possible' racing.
The turbo has a built in alternator/generator/motor to A) charge the KERS batteries, and B) spin the turbo up to reduce turbo lag.