F1's only really gone HD recently, but now Sky's pushing the boat out with a full-on 3D broadcast of the pinnacle of motor racing for the first time ever. Between February 28th and March 3rd, you'll be able to watch all four test days from the third F1 test at the Circuit de Catalunya, if you've got Sky that is.
Unfortunately, this is really only a test broadcast, as the rest of the season won't be broadcast in 3D, just the third per-season test. But it should be a spectacle no less, and is ground breaking for the sport, especially since it took so damn long to convince them to broadcast in HD.
Like it or loathe it, it seems the best way to watch F1 is on Sky now, with all kinds of fancy features. Hell, its virtual car, iPad app, and Dolby 5.1 were all awesome step-ups for the race experience, it's just a shame it's all locked behind a paywall. Still, maybe you can use F1 as a justification to fork out for the whole Sky package?