Quick question, is Red Bull Racing basically the HMS of F1 right now?
My take - comparing F1 to NASCAR is tough since F1 teams have much more design latitude. As a result you end up with much greater disparities between teams. Red Bull is the current best team with the best car. As a result, they are difficult to overcome. What has helped in the last few years is that several other teams are close so you have Ferrari (disadvantage but huge resources and ace driver Alonso) in the mix; Lotus (bigger disadvantage but except a tire friendly chassis and Kimi's determination) in the mix, Mercedes (now) and McClaren (last year) with good stuff and Lewis Hamilton) in the mix. Past that, it's a crap shoot for who will make the top 10. You get a very rare surprise on the podium (e.g. Maldanado for Williams last year).
Unless Red Bull has a problem OR one of Ferrari/Lotus/Mercedes is unusually good you end up with Red Bull on the podium. Boring. The reason to watch is the insane engineering, insane pit stop speeds, the crazy personalities and the mind-blowing visuals of what these cars can do. It is the ultimate testament to automotive engineering.