I'll watch just about anything with four wheels that goes fast...except drag racing. Having said that, there isn't enough coverage of F1 in the US for me to closely follow it. But it does appear that the rules change for this season will benefit Schumacher and Ferrari, though they haven't really had any early success.
Interesting article in the June issue of Car and Driver -- Schumacher seems to be much more comfortable in this year's car and package. My guess is that he'll pull it out again this year.