There are a couple of ones that I use which are free, and one that I know a couple paid apps, but I dont use.
The first one is the official F1 app. Which is great for live timing of the sessions if you arent around. Other than that its not good for new stories (like you said).
The second is an app called F1Live24. It also has live timing, but only of the race. However unlike the official one, they also have a small number of news stories. Although it is mostly about the top teams.
The paid apps include the Autosport app which F1 Fan mentioned. This app is about $6NZ. Im not sure what sort of content this app has but I can guess that it probably has all the news stories that are on the Autosport website. I know you can also pay for a subscription to their magazine (they have digital edition and a print version which they ship worldwide and print weekly), you can access that content on your phone as well. You can also just go to their website and get their stories for free. Or whatever you pay for data.
The second is an app called F1 2011 Timing. Its by Soft Pauer and It has timing for all the sessions and also is the only F1 app that I know of that also has streams. Its pretty much exactly the same as the Kangaroo TV system, if your familiar with that. However this app is $41.99NZ so its quite expensive.