Grand Prix Photographs, i.e. Peter Maynard, F1 Photographer has put together a valuable and essential 3 part guide to taking your own GP photographs.
In Part 1 - How to approach the Day - do you want to take photos or spectate? He says you can't do both at the same time.
Part 2 covers the equipment you'll need and how to use it to frame your shots, and
Part 3 Silverstone - Where to take your shots from with a General Admission ticket.
they're definitely worth checking out if you want to have a go at getting more out of your camera than you currently do.
I've printed my copy of the three out so that I can study up and will attempt, in my amateurish fashion, to put some or all of them into practice during the Friday and Saturday Sessions - On Sunday I'm afraid that I'll have to be a spectator but hopefully the first two days will have me set up in a good spot to capture some reasonably good "spectator" photos for the F1 album.