Actually, we do. The Concorde Agreement states that F1 coverage must be shown on a channel that is free to view unless no such broadcaster exists that is ready to make an offer. Channel 4 were ready to make an offer, but were ignored for the Sky deal.
EDIT: if you have Sky HD, you get Sky Formula 1 as part of the package without having to pay for Sky Sports as well.
The Concorde agreement is between FOM and the teams, who all benefit from going with the highest bidder. Sky massively outbid anything that Channel 4 could or did offer. The Concorde agreement expires this year anyway.
It is still on free to air too, just not live, and the Concorde agreement does not stupulate the free coverage should be live either.
So no, you have no 'right' to watch F1 for free. Its a premium sport that now has a premium service to watch it. If anything, we should all be thankful that the free live coverage has lasted this long.
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