I used to watch F1 a lot, i still watch it sometimes. The problem is that the races are too predictable:
1) Practice session
2) Open race, anyone can win
3) M Schumacher gets an element of luck when all the others get bad luck and fall behind
4) The 1st placed driver has 1 lap to go when the commentator shouts "and he must win now!" and his engine blows up and M Schumacher overtakes at the last minute
5) M Schumacher wins AGAIN!
I used to like when Mika Hakkinen was racing, at least he put up a good fight! :-)