Thankfully it looks like recording the red button is going to become a regular feature from Sky Sports, and about time too.
The only issue I've ever had recording any sport in the last few weeks using that service is if the programme goes over the time it's originally supposed to have been - I've missed the last 2/3 minutes of a couple of rugby games because there have been various interruptions. So whether it will record the entire Grand Prix if there are a few accidents remains to be seen.