Rob,
We're big F1 fans and we go to the British GP most years. The best seats, in my view, are those in the Pits Straight opposite the team garages/podium. The sound of 22 race cars (well, 20 this year) starting their engines has to be experienced to be believed. It never fails to bring a lump to my throat. OK, I'm crying like a baby. And, of course, this is where all the action is. However, priority for booking is given to patrons of the previous year's event and, unsurprisingly, these are the first to go.
The first year we went, we paid for entry to the circuit only (the cheapest option). There are plenty of great spots right around the circuit, but to secure one of the favourites, you need to be there early. We arrived at 5am with the hordes and managed to get a good position at Copse. It poured with rain all morning, but we had to stay put to keep our places. The sun came out for the race, but by 2pm we were soaked to the skin and a bit miserable to say the least.
We booked our tickets for the following year the very next day. This time we decided to go for Saturday qualifying and race day. We went for grandstand seats at Becketts inside on Saturday and the grandstand at Stowe on Sunday. It was wet and windy all weekend, but at least the grandstand at Stowe was under cover.
These days, we just stick with the Pits Straight grandstand (which isn't covered), although we did do Luffield for qualifying one year. This is quite a good spot as you can see the cars all through the complex, through Luffield and Woodcote and down the Pits Straight.
We didn't go in 2002, which then had a knock-on effect last year because we hadn't booked for 2003. However, Top Gear magazine, which previously had a hospitality enclosure and seats in a shabby grandstand at Becketts outside, negotiated a new deal with seats in the Pits Straight. Packages go on sale just a few months before the GP, so we did get to go last year. The cost is slightly more (about £50 per head, I think), but you have access to their marquee with bar (although you can take your own), coffee in the morning, tea in the afternoon and a very acceptable buffet lunch (albeit with a wait in line). The marquee is is short walk from your seats, so you can come and go as you please. We intend to do the same again this year.
We've enjoyed the times we've been for qualifying, but with the new regulations, I don't think we'll bother this year. The main problem is getting accommodation. All the nicer hotels are block booked by the teams and we've ended up staying at places we wouldn't normally consider at inflated prices. Most offer 3 day packages only (i.e. you can't stay for just one night). The years we've been for both qualifying and race day, we've ended up paying over £1,000 for tickets and accommodation for the two of us.