I think the HD deal in particular is pretty good for existing non-HD, non-Sports Sky customers - £10.25 extra a month for the best HD service around by far and F1 to sweeten the deal. Even if F1 is all you want and you'll watch the rest of the races on BBC then that's only £1.25 per race.
I'd just like to point out that I did some really stupid maths here, it's been a long week lol... The correct maths is below and is much worse:
For existing Sky customers without an HD/sports package, the extra cost is:
£10.25/month = 10.25*12/year = £123/year
£123/year = 123/10/race =
£12.30 per race not live on the BBC
For non-Sky customers:
£30.25/month = 30.25*12/year = £363/year
£363/year = 363/10/race =
£36.30 per race not live on the BBC
The per race figures are pretty bad, although they are based on you leaving the Sky+ box sat gathering dust in the corner when it's not a Sky F1 weekend. Granted there's a lot on Sky that you don't really want to be paying for but some of the extra content is good, the HD service is the best around and Sky+ is very useful. Also, if you want to sell your soul to Sky completely you can add phone/internet for pretty much nothing I think.
The top figure maybe is not so bad if you divide it by two to get the cost/race if you watch them all on Sky and then think about how many drinks you could buy at the pub for £6.15 (~two, so one less drink per week?). You can't get away from the fact that this is a lot of money though.
Sorry for the confusion! What makes it even worse is I think I tried to do is divide the monthly HD cost by 10, which is 1.025 not 1.25, so I even got the wrong answer to my wrong method!!!