Thats pretty much it for me too, I'm not really into excessively modified things (be it hotrods or overdone riceburners), prefer restored classics and tasteful subtle modifications that enhance the look/feel of the car rather than butcher it into something completely different, but I can still look at and appreciate the work that goes into a highly customised rod...
F1 probably wasn't the best example given the strict restrictions, have a look at the lap times for the Nurburgring, top two times are set by a car using a 2.6-2.8L V8 motor (Radical SR8), the dodge viper ACR with all its 8.4L displacement is a full 24 seconds slower....