This "calculated risk" issue is why F1 seems stuck at the crossroads of an identity crisis. People have to decide whether they want all-out competition at the cutting edge of technology, or a strictly controlled "demonstration" of high speed technology. But like most sports, the influx of corporate influence has dictated the future direction and philosophy of the sport.When it was just a few diehards using their own money, nobody really cared and yet the racing was at it's best.
Bruce McLaren's comment on the risk issue, as highlighted by Paul, neatly sums up the traditional view.
I suppose this is also summed up by the whingeing of both Ralf and Rubens at Monaco, when Michael "dared" to overtake them on the line, (presumably whilst they were already counting their points and tasting the champagne) Now THAT is proper racing, and yet both the aforementioned "racers" bleated about the "dangers" in such a move.(Overtaking in F1? Whatever next!)
If you take all the risk away, then this series will cease to be the all challenging spectacle and experience that the people have come to expect.