A view from Down Under
I was an avid F1 follower in the UK - I even paid for some races on the F1 Digital channel that Sky ran for 1 season, which sounds like it offered the same - and possibly more - as this iPad app.
That channel only lasted the one season due to lack of interest. It appears that the avid, rabid fans are only avid rabid fans if they can be so on the cheap.
Now, admittedly we have things a little better (and worse, in some respects) down here in NZ.
First of all, we aren't spoiled by choice. If you want F1 coverage Sky Sports is the only game in town. None of the free to air channels so much as acknowledge the sports existence down here. If it doesn't have a Ford or a Holden badge on the front then it doesn't exist as motorsport (The NZ entry in A1GP was the one exception to that rule, but even that never translated into interest in other single seat formulae).
But even a Hobsons Choice of Sky here isn't too bad. The Sky Sports package here only costs $25 a month - about 12.50 of your UK pounds. That get 3 Sky Sport channels (+$10 / 5 quid per month for HD). There's no dedicated F1/motorsport channel tho.
Some race weekends we get all Ptc & Qfy sessions plus the race itself, but most are limited to just Qfy and race. And again it's a bag of mixed blessings when it comes to the coverage itself. We get no pre-race build up or post-race analysis (beyond the driver press conference, time permitting).
But with Coulthard and Brundle in the commentard box, that's almost a good thing. The show starts with the cars on the grid. A couple of minutes inane nattering from the Brundletard team then it's formation lap and GO!
But if cost is the absolute measure by which things are to be considered, try comparing the cost of a Sky subscription to the cost of physically going to an F1 race these days (never mind the flights and accommodation you need on top of the track entry).
Suddenly it won't look so bad.