Following on from Brogan's post a little above and reading a thread from another forum...
It's going to cost at least £41.50 a month to watch every F1 race live on British television through SKY
Even then, it won't even be in HD for that price. For that you'll have to pay another £10.00ish.
Exisiting Sky customers, hurry up if I were you and get yourself the HD only add-on only and you'll get the F1 HD channel and keep it after the changes they're proposing.