When I lived in Melbourne, Australia. I used to go each year (paid for by work). Here are some of the pictures. Nothing better than an F1 motor screaming in my opinion.
They have a handicap race each year between a Williams F1 car, a V8 Supercar and a BMW Roadcar. Funny to watch.
And if you are lucky enough to live near Silverstone, England (as we were once), you can go to F1 test sessions for FREE! We got into the flagmarshalls area under bridge and took some great shots.