Pay to see it? No chance. Ditch water dull and full to bursting with white trouser clad prawn sandwich munching corporate types and politicians that don't know the difference between Damon and Damian!!
 
Indeed. The one and only time I have seen the British GP live at Silverstone (the year Mr Mansell gave Mr Senna a lift back on his sidepod) I was 'fortunate' to be there on complimentary tickets from a friend of mine who was not interested in going.
The people you describe were typical of the all others who were attending as guests of the my friends firm. 
Fortunately though their company was not compulsory so I ventured out amongst the masses and found most of the crowd outside the confines of the grandstands and hospitality suites to be genuine racing fans. Apart from the horrendous ticket prices the one abiding memory for me was that it was so difficult to actually SEE the racing (such as it was, even then) as a typical paying punter.
I certainly would not pay even a quarter of the current entry price purely on those grounds.
I agree mostly with Wishy - you can get most of the same single seater technology at national hillclimb meetings, and you can go talk to the drivers, touch their cars etc. My only disagreement with him is that the hillclimb cars are a LOT quieter and the sound of an F1 car at full chat is quite something.