The coverage back in the 90's on Eurosport was pretty good but I can't imagine they will stump up Bernie sized amounts of cash for F1 nowadays. I can see C4 doing a good job, when the test cricket was on their coverage was every bit as good as the BBC's.
Don't the Beeb still have 3 years to go on their contract though? Perhaps the new product placement rules will let them use it as a revenue stream?