The full-priced app, F1 2012 Timing App CP, written by Formula One partner Soft Pauer, offers live timing, tire data, race control messages, track positioning and more in real-time for the entire Grand Prix weekend, across Practice, Qualifying and the race itself.
The app is $28.99 in the US, £19.99 in the UK. It does not include any live audio or video race feeds.
The free "lite" version skips the live timing and other real-time features in favor of news feeds from Formula One.com, session results, a race calendar, and event countdowns and notifications when a session or race begins.
The lite version of the F1 2012 Timing App is free on the App Store for iPhone and iPad. [Direct Link]
The live timing-equipped F1 2012 Timing App CP is available for $28.99. [Direct Link]