Actually, I think it might end up being cheaper than F1. No celebrity driver to pay millions to and no very-high safety concerns! Although given that most of the human population will probably not relate (or out-rightly reject the idea) to the sport because of the lack of driver, there might be less money in it.
I think your last point is the most relevant. I've spoken to a couple of huge F1 fans about this and they both seem to think it's the most stupid idea they've ever heard. They want less computers and more human control in their F1 cars, not the other way around.
Personally I have a dream of one day seeing an AI car competing against humans in an F1 race, but alas I fear it will never happen.
