I don't remember and F1 story getting so popular on HN, the Austin GP has helped :) I think the sport is fascinating because it really is a battle of geek engineers and drivers. The most successful geek around today is this guy:
http://en.espnf1.com/korea/motorsport/image/92108.html
Normally the champagne can get stuck in your eyes.
These guys and the huge teams behind them battle off track with each other and with the regulations, and the strategists and races battle on track. The off track battles make these cars safe in accidents at 300 km/h (186 mph),
https://www.youtube.com/watch?v=AtrzvwayniM
https://www.youtube.com/watch?v=6GQ0MBMhDjo
Robert Kubica was unconscious after the crash and he missed a race but Mark Webber hit the barrier at 280 km/h (174 mph) and walked away from it. As some other readers have mentioned, there has not been a driver death in F1 since 1994.
A typical trade off we might think about in software is this:
http://cheezburger.com/6747638272
:)
In F1 the trade offs when writing the regulations are between safety, cost reductions and entertainment.
And yet the two aspects that make the cars go slower (safety and cost reductions) are exploited to the maximum. No matter if wings are taken off the car to reduce downforce, or traction control is banned to reduce speed into and out of corners, or if fans are declared illegal (https://www.youtube.com/watch?v=s-rZKlutlzE), the cars each year go just as fast as the year before.
For example in 2009 this little trick from Brawn GP caught most teams off guard and won them the championship:
https://www.youtube.com/watch?v=f5oDu6nSgBg
Interesting story: the development of this car had been carried out by three teams separated from each other so that they each understood and explored the regulations differently.
If you're interested in F1 I recommend Youtube:
https://www.youtube.com/watch?v=6ZthxDFy_pM
http://www.youtube.com/watch?v=AmOixmxpXF4
http://www.youtube.com/watch?v=eHjeAS7HQbg
http://www.youtube.com/watch?v=EGUZJVY-sHo
http://www.youtube.com/watch?v=G-eiKYyVr2A
http://www.youtube.com/watch?v=TOhgI1hQA68
The Peter Windsor podcast is good, and Scarbs has been on it a few times:
http://smibs.tv/the-flying-lap
And there are plenty of blogs around. For me the perfect dose of racing is:
http://axisofoversteer.blogspot.com/
The last race of the season is this weekend in Brazil. Qualifying is on Saturday, the race on Sunday. The times are at http://www.formula1.com/
I sound like an F1 spokesperson!