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Lewis Hamilton begins his world title defence this coming weekend with the multi-million dollar sport contemplating a sobering period of reflection in the face of internal strife and global economic crisis.
Hamilton, who became the youngest world champion courtesy of his rain-drenched, last-lap triumph in Brazil in 2008, has already written off his chances of victory at Sunday's season-opener in Australia.
Likewise, Formula One has its own doubts over how the championship will unfold, both on and off the track, as a host of changes are introduced to boost the spectacle of a sport often derided as an expensive procession.
Predictions haven't been helped by the controversy generated by the FIA's proposed new system whereby the 2009 champion would be the driver with most race wins, as opposed to most points.
The idea was widely condemned which resulted in the governing body quickly shelving the plan.
Hamilton wasn't a fan of the changes, especially with a repeat win in Melbourne looking impossible after a winter of below-par testing by a McLaren outfit, often outpaced by the new Brawn GP, the team which has risen impressively from the ashes of cash-strapped
Honda.
"Perhaps McLaren Mercedes doesn't come to Melbourne with the same prospects to challenge at the front that we experienced in both 2007 and 2008, but the whole team will be working tirelessly to help us move back to the front," said Hamilton.
Those fears were echoed by Martin Whitmarsh, who has succeeded Ron Dennis as team principal. "We go into the start of the 2009 season fully aware that we do not yet have the technical package that will allow our drivers to fight at the front," he admitted.
Amongst the changes for the new season, aimed at cutting the huge costs of the sport and boosting the show, are a return to slick tyres and the use of the Kinetic Energy Recovery System (KERS).
Under the system, stored energy is made available to the driver via a 'boost button' on the steering wheel. Modifications have also been made to aerodynamics.
To make cost reductions, rev limits will be cut from 19,000 to 18,000 rpm and drivers must now use the same engine for three, rather than two, consecutive events.
Furthermore, testing will be banned during the racing season.
In 2010, an optional £30 million (BD16 million) budget cap will be introduced.
"I don't understand the need to change the rules of the sport constantly," complained former double world champion Fernando Alonso. "I think these kinds of decisions can only confuse the fans."
Ferrari, who saw Felipe Massa squeezed out by Hamilton by just one point last year, say they are happy with where they stand in terms of preparation.
"We're satisfied with the level of our car as far as the performance is concerned. It's obvious that we still have some work to do and that we have to concentrate on its reliability," said team principal Stefano Domencali.
"Last year we've seen how important reliability and the smallest details are. We have to work much harder in this direction."
There will be other new aspects to the season.There's a first race in neighbouring Abu Dhabi, which will close the 17-race championship, while Bahrain-based Sebastien Buemi is the only fresh face on the grid, having replaced Sebastien Vettel, now with Red Bull, at Toro Rosso.
North America's on-off affair with Formula One is definitely off again with Canada having joined Indianapolis on the 'not wanted' list. France, the home of F1 stalwarts Renault, has also lost its place on the calendar for 2009.
