Doing the sums...
I've had F1 through the HD pack deal for ages (since Sky first started showing F1). I started off at £28 a month. Due to Sky's ability to raise package prices and port people to new tariffs (ala T-Mobile used to do).
I currently pay £44 and get the Variety Pack and HD. I started on Entertainment Extra at about £18pcm, about £10pcm for HD and was 'gifted' Sky F1 HD.
If you weigh it up, compared to cancelling and resubscribing, it's still just worth my while continuing to pay £44. Occasional boxsets, a bunch of channels I hardly ever watch and F1 in HD. But to get F1 in HD, I would have had to subscribe to the entirety of Sky Sports (~£38pcm) plus the HD premium, which is a ripoff. Oh, and at least one basic package.
The cost for new viewers is exorbitant, and it only gets worse if you're suckered into Sky Q.
Prior to this new "tenure-based loyalty scheme" they're now crowing about, the best offer I had after much phone haggling was 1/3 off my package cost if I committed for another 12 months. I didn't take it because I didn't fancy being locked in for another year. The new packages as they stand are a bit more flexible for some viewers, but still far too expensive.
The worst thing about renegotiating any package, even if you stay on the same at a discount, is that they just withdraw bonus or legacy channels without telling you then refuse to reinstate, stating "billing platform" issues or some nonsense like that. You have to argue until you're blue in the face and send lots of emails to Sky "bosses" (inevitably they're all getting picked up by a dedicated complaints team). They're utterly crap at this and it's why they get their reputation for being shysters.
Example: I, and many others with the old HD & F1 package, suddenly lost F1 interactive red button video streams for months, due to the channel moving into the Sports bundle -- it crashed your box if you tried to use it! They hadn't thought about the additional account permissions for red button video streams (just another bunch of channels hidden from the EPG, nothing else special about them).
Perhaps it's time to just ditch the box and get NowTV weekend passes. If F1 doesn't halt its decline, only the F2 and GP3 will be worth watching. And that's all available online if you know where to look.