The original plan was a race sharing agreement like Hockenheim and Nurburgring between the two, but the financial crash in 2008 hit Toyota (who own Fuji) hard, and they didn't want to spend money on hosting a race.
i find Fuji quite boring to watch. 
Now, it basically means it's a track with massive pit facilities and tons of tarmac run off.Fuji was the best. I loved the 07' and 08' races.
Can somebody explain exactly what is FIA Grade 1 briefly?
Grade 1 means it's suitable for F1 use. Tarmac Tilkedromes are becoming to norm now for modern track designs, so there are only a handful of relatively short run off/gravel and grass run off tracks that are on the Grade 1 list. The only reason you'd really build a new track now is if there was some incentive to do so, because all well known tracks were once little tarmac stretches in the middle of a field which have just been modernised over time. The only real incentives are world class events like MotoGP, F1 or WEC, which all pretty much require Grade 1 tracks.
It was tight and cramped when the Pacific Grand Prix went there, and with the sport having gotten faster in the past twenty years, the effect will only be magnified.
