Formula One as a World Sport

Remember when Formula One used to be mainly contested in Europe with a few races held on other continents.  In the past few years F1 has added Malaysia, China, and Bahrain.  In the past year I've heard rumors that the following countries all want to host an F1 race:  Qatar, India, Singapore, and South Africa.  I'll bet I'm missing a few more.
India's long-speculated Grand Prix in the capital New Delhi could also be a street race, it has emerged. "I'm proposing to start things with a street race on Raj Path," businessman Vijay Mallya said this week, admitting that the lack of an adequate permanent circuit would otherwise be an obstacle to getting the race up and running by 2009.
Where will it all end?  Will there have to be two or three separate leagues formed with some racing in the southern hemisphere in the winter and the northern latitudes during the summer?