They are moving BBC Three on-line as the target audience tend to view most of the content there. It's dinosaurs like me that still flick channels on terrestrial TV trying to find something to watch. As for F1, I haven't watched it on the BBC since Sky started it's coverage and even if they were to show all the races I still wouldn't.
F1 is a minority sport so why should the Beeb shell out licence fee payers money to cover it? If it's commercially viable let ITV, Channel 4 or C5 pay the money CVC want for the rights. If CVC are happy to take what is probably more money for fewer viewers well, that's up to them. I believe else where in Europe, apart from Germany, F1 is already on pay per view.
Anyway, I'm sure the BBC has yet another production of Poldark to fund and won't that be money well spent.