I still watch it fully (practices + quali + race).
It's always the same after a huge change in technical rules, one team will always find that something special which makes them quick. This time it is Mercedes with their engine layout, last time in 2009, it was Brawn with the Double Diffuser. It will take a while for the pack to close up again.
I still watch what I can for free (Rai Italia broadcast not live). The Monaco race was the most "interesting" when seeing Bianchi but I do still like it even though some of the wow has gone.