Online, and on Seasonal events. And Time trial. Pretty messed up, yeah, we know. But the people with Ferrari F1's usually race cleaner.. its a more elite group, in my opinion. Totally worth it, since it gets you in with a more professional group of people. Something to look at, find Lap times from the 2007 GP of Japan or Monaco, or whatever. Try and reach them, thats what i enjoy. Or, see how fast you can take it around the nurburgring. BMW thinks that in 2006, Nick Heidfeld could have lapped the 'Ring in under 5:16, in the F1.06 BMW Sauber. Can you beat that? Go ahead and try.
All in all, dont think it was a wasteful purchase. Even offline theres stuff to do with it. And, when PSN is back up, the Seasonal event pays really well...