What I find stunning about all this is that rather than attempting to "add value" to F1 and increase revenue by creating extra revenue streams, they are instead going for the short term gains of increased TV revenues by moving to Pay TV.
In the long term I have no doubt that this will damage interest in F1 in the UK. Much of the value of F1, comes from outside the TV revenue - sponsorship, mechandise, circuit fees, VIP access etc etc. If you sacrifice in the long term your overall numbers of F1 fans for that relatively small boost in TV revenue you are shooting yourself in the foot.
F1 is missing a huge opportunity to add premium content for avid fans to consume. Many of us would happily pay extra for things like they have already in america (access to team radios, on board footage, high tech car tracking and timing). This is a far more constructive way to increase revenue without damaging the base support.
I don't think I have missed a F1 race since 1982. In 2012 this may well change. The move to paytv is a slippery slope and just the start of the way things will go if this goes unchallenged by the fans.
I sincerely hope that all of those F1 fans who don't already have sky and sky sports don't go ahead and purchase it. This deal will end almost immediately if Sky don't generate the number of extra subscriptions they are expecting from this.
The short term pain of missing some races for a season, will ensure that in the future F1 doesn't sell out further. If we don't do this, once they realise that they can milk us, they will only push further (adverts mid race even on pay tv, commentators selling products more than commentating (as in the US) higher fees and worse).
This is probably our only opportunity to make a stand and ensure the future of F1 heads in the diretion that we, the fans want it to go, not the greedy money makers at the top.