Neil
If you're interested in air racing check out the Royal Aero Club website for more information:
http://airraceuk.org/The Cassutt was a Formula 1 racer, but now it's all handicapped. The only proviso is that the aircraft has to do at least 100mph flat out. We've had Austers racing this season alongside the RVs and Barons and a whole bevy of Cessnas and Pipers. The slow ones take off about 30-35 minutes before the others, which have to lap them to catch up. The theory is that everyone crosses the finish line at the same time if they've flown equally accurately, which doesn't happen of course! And the slower ones do win - a Rallye won the Schneider Trophy this year, and a Jodel the Saturday race at Alderney.
There is usually a two-day Air Race School held at North Weald every March, then a race check ride is required with one of the official pilots in order to get a racing licence. I've done some race ferrying, been a navigator for one race and a Turning Point Marshal for three others. It's certainly great fun, and something a bit different, but to do it seriously you need deep pockets!
Here's a view from the cockpit of a race turning point - the little orange pyramid just visible at the road junction. This was at Le Treport in France.

Trevor 886