Kryton57 – Nope – Sky will have SD and HD F1 channels. If you have a Sky sports subscription or HD subscription (or both) you will be able to watch all of the races. (Although obviously only in SD if you only have SD + Sky Sports).
Lots of people in a tizz about it, very amusing if you already had Sky. Lots die hard fans threatening to not even watch the BBC races + highlights, despite not having missed a race since Fangio… blah blah blah. Don’t sound very committed fans to me.
Personally I think it is a masterstroke from the BBC and FOM. They get to show a large proportion of the best races live but a lot of the crappy ones that nobody normally wants to waste 4 hours on get shown as prime time highlights shows which will have loads more viewers than would have watched that race live.