Pirelli has had a short stint in the F1 which was back in 1991 when teams could choose their own tyre manufacturers and Benetton and Brabham used Pirellis which was very effective in the qualifiers but was less than impressive during the actual races. Since then, the Italian company has been predominantly active in the World Rally Championships and the move to F1 would be quite a gigantic step since technology advancement has moved leaps and bounds since then.
According to the FIA, Pirelli is required not only to supply tyres but would also need to follow the strict rulings imposed on the technical aspects as provided for by the governing body. The most significant area which Pirelli need to adopt is in the area of safety particularly in circuits which are considered to have heavy bearings on cars like the British and Japan GPs. The new brand would mean that teams would have to go back to the drawing boards as they have been using Bridgestones for a while now.
The FIA also announced that starting next season, the 107% rule will be adopted again which was dropped back in 2002 when they started the single lap qualifying system. This means that if a car do not finish within 107% of the best time of the race, they will not be allowed to race in the main event unless under different circumstances where the team is able to prove that the car has set competitive lap times in practice. Among some of the new rules include increasing the minimum weight limit of cars to 640kgs where the teams would most likely change their adjustable rear wings to allow more down-force. How it will all pan-out depends largely on how the teams would be able to cope with the new rules as well as the new tyres where the configuration of their cars would now need to be re-worked and re-designed, but this would surely make the show more competitive.