Codemasters have announced that they're launching a free-to-play Formula One game called F1 Online. Powered by the Unity engine, it'll be browser-based and will let players manage a Formula One team and then clamber into the cockpit to race against friends. It will feature all the official drivers, teams and circuits from the 2011 Formula One season, and well let drivers compete in the FIA Formula One World Championship, and race in individual Grand Prix events, complete with their own qualifying rounds.
There's very little information available beyond that at the moment, but there is a new website where you can sign up for a newsletter. There are also a few work in progress screenshots, which you'll find below. F1 Online is due out early next year.