The tech in F1 is outstanding. They are above and beyond all other forms of motor racing and car technology in general. The Le Mans Prototypes are the only thing approaching F1 levels.
There was a point a few years ago (before the new regulations went into effect) where they were worried that the intake speed of the air into the engine was approaching supersonic. Nobody really knew what that would do to the engines (read: intake manifold).
Last year, on Speed channel, Steve Matchett was interviewing a Red Bull engineer, and the engineer basically said that the real life "Q" from British Intelligence had approached them with questions about their tech. That really says something about the level that F1 plays at.
Here is an interesting fact: Despite all the limiting regulations that have been put in place, including reduced aero packages, no refueling, no traction control, etc., this weekend at Melbourne a new lap record was set by Vettel. The old lap record was set in 2004 with a V10 engine revving to probably 21,000 rpms. Current engine is a 2.4L V8 probably revving to 18,000 rpms. So, despite all the restrictions, the teams are still able to move the technology forward so drastically that they are basically nullifying the FIA's (sport governing body) efforts to slow the cars down.
As an American working with technology, I would hope that more of my peers appreciated the extreme cutting edge that F1 dances on.