You mean NowTV, which is Sky's subscription free and pay-as-you-go streaming service.
I know they plan to add sports such as individual football games, no idea about F1 yet, but I would think so.
I personally don't think there will be ad breaks on Sky, because they know how much it will outrage fans. Its not like ITV where they had to have them, because Sky is subscription funded.
If they ever did do adverts, I would imagine they might trial split screen ones like European broadcasters tend to do.