As a 24yr old internet savvy consumer, i'd still rather sit down infront of a big HDTV with SkySportsF1/BBCHD than take it on the go on my iPhone, listening on some sub-par speakers (and people complain even now about the sound with their dolby 5.1 lol).
As well as the sound, it would cut!! maybe not as much as most online content (if they really went about doing it properly) but still, one lag during a bahrain style battle for the lead will be extremely annoying. Being an online broadcast you'd be unlikely to be able to pause/rewind like on Sky. Broadcasting live on the internet could end messy with the quality of most of the UK's broadband (and i'm guessing a few other countries outside of continental europe).
Yes, there needs to be an online option to get more people involved and bring in some new $$$ from new sponsors, but it must compliment TV coverage. None of you old guys will stop watching TV live, just because there is a free online stream for poor students like me! (Unlike music) Its completely different from the music industry problem you have discussed because you cant download the season before its aired.....