fast = fun?
it kinda takes a simple mind to be that entertained that easily XD
the "game" or sport itself seems so simplistic that you may as well sit in the rotunda watching a giant one of these representing whats on track.
as a spectator sport, F1 is entertaining for feeling how fast and powerful the cars are in person. It's a great experience.
Watching on television, the strategy and drama going on is extremely entertaining, and F1 has changed rules to get many more close races. The drama is some of the best parts, I still remember when Vettel and Webber from the same team took each other out because of how hard they were racing. There is rarely a boring race with cars just parading around.
and even outside the races, car design and construction is relatively free so slight technological changes can really affect a team's performance.
Unfortunately I live in the northern US, so I've only been to few races. I do go to the Indy 500 every year, which never fails to be exciting.