It's the same F1 feed regardless. Only differnce will be the channel on your receiver unless Fox pre-empts it for the local hog calling contest.
Possibly this means that F1 could become a regular on network TV, more exposure, more potential new fans. The tape delay is not good, but if enough voices make their opinion known, this could change for 2008. On the other hand, the tape delay means the broadcast will be at a time a higher fee for ads can be obtained. With that being successful, we may then have F1 on mainstream TV.
I know FOM is upgrading their equipment to HD cameras. Right now I've only see 16:9 SD broadcasts in other countries, but Bernie has said it would be mid-season or a bit later before they possible do it. I dunno, after the Indy 500 being in HD I don't see why Indy can't be, depending on if it is FOM who whoever that are in charge of the cameras for that race.
Good or bad depends on the commentators. I don't know who they picked, but my hopes are not high that the choice will be good.