To me, for F1, what I see now and what I could be seeing is huge. Will someone who saw a broadcast in mere SD miss anything important? Not really. They can still discuss the race at length by the watercooler next day. But I can also listen to music on AM instead of FM stereo. It make the experience more visceral and generally more pleasing.
Asphalt for example is a grey blur, but it could be a series of stones and tarmac, looking different track to track. I could tell the difference between a sauber and an HRT (or any other cars with like colors) much sooner. Advertisers would benefit from more time that their car and track-side ads are visible. More readable text can be seen on the screen.
I don't need to see every hair of Alonso's eyebrows, but I could. Some movies for me I just only want to see in 1080. In HD, especially 1080, I see textures of things not just colors.
I just can't see how anyone can rightfully think it is a waste of time or resources to move into the future.