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I want to say yes. I have the official iPhone app, but I didn't get up in time to watch the race live. I do know that you can download past sessions and replay them at you leisure. It's pretty fast but there is no pause/play/fastforward/rewind unfortunately. I recommend it because it's simply a really neat and well written app. I haven't used it over a cell signal though. AT&T is a royally ****** carrier. I don't have 3g where I live and I'm not even going to try it over edge. Wifi is great though, which I would guess most people would use sitting at home watching the race.
I downloaded and used it to follow this race, and it is quite nice.
It's basically just a graphical version of the live timing, but it does what it was advertised to do.
It was the 2nd most expensive app I have bought, the most expensive being Beatmaker, a really good music production app.
For ~$15 it was worth it. The carrier is a big issue I hear, we have it lucky in Canada on Fido on the west coast, my signal is always strong, and always 3G (as opposed to EDGE). Even the live timing on the Formula1.com site needs to be refreshed from time to time, as the data stream can easily get interrupted, and sometimes it takes a lap or so to notice. No such problems with this app though.
I give it a 9/10.
Before I do anything I ask myself “Would an idiot do that?” And if the answer is yes, I do not do that thing. - Dwight Schrute