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I used to be someone against foxtel and pay tv in general. Until I saw it. Then got it. Personally I'd love foxtel to get V8's live. Channel 10 would still get their telecast as they do now, only youd now have a choice to watch the events live and without ads during races. I tape bathursts and can get about 1 3/4 hours of ads just out of the race itself. I'd much rather watch the action than ads. I'd be prepared to pay for it on fox too.
I would imagine it would act much like superbikes and moto gp where fox shows them live and channel 10 still broadcasts. And as racer69 says, they'd show support races too and that can only help them.
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