At the fans forum the question was asked would people pay to see F1 and 2/3rds (including me) said yes.
I think if they'd said:
"Would you be prepared to pay £40 a month on top of your TV license to watch F1?" they might have got a very different answer. Because that's the minimum somebody who doesn't already have Sky is going to have to pay to see every F1 race. And if you want HD, that's another tenner on top, taking us to £50 a month.