It was always going to happen. Just as the BBC getting out of f1 coverage completely is going to happen once their contract is up.
Yes I'm certain BBC will see out their current contract. Then we may see just the British and maybe a couple of other races live. Much like some other sports.
I'd thought Monaco would have been one that BBC would always do live. I like though that they've fired one back at Bernie's fees by taking it off Free To Air TV. Bet Bernie didn't expect that to happen his 'jewel'.
As regards Pub lunches vs Sky. Your Pub lunch was probably good value for what you got. And you socialised with friends rather than being a couch potato. Sky is way over-priced - hence their huge profits. So I don't see a fair comparison there.