Fi races is held over the weekend, typically over 3 days,
typically for testing for day1, time trial for day2 and race day on
day 3 on sunday.
so no need for national holiday. good try though.... 
on a more serious note, logistically, f1 is a different beasts all
together. in an f1 track, all the logistic stuff/nightmares can be
confined within the track vicinity; construction, deconstruction,
10-12 teams with different set-up logistics and methods, all the
peripherals stuff on getting the venue race ready, is no joking
matter. if the f1 is held in the Sg streets, u can imagine that the
set-up will take place at least a week before the actual race,
maybe longer. the inconveniences the public, retail, car drivers,
public transportation diversion and 101 things else, will be a real
chore here. if u r not directly affected by the prep, obviously f1
fans here will be elated. u just part with your hard-earned S$500
for a seat. the rich ones obviously will pay S$5000 for a premium
view, and the inner circle folks gets in for free. but for the rest
where the livelihood will be affected by the 1 week or so prep,
they will curse and swear.
safety is another real concern. in a f1 track, it's somewhat can be
controlled. in SG street where it is narrower than usual, can you
adequately find a 5km ring road that will be safe through-out? F
alonso also quoted in the pprs yesterday about visibility and
saftey in general for the drivers. too bright, it's glaring, too
dim, driving judgement is impaired.
singapore gahmen may want to part with its ppl's billions$ to buy
the rights to f1, but in the end, bernie is the one who's laughing
all the way to the bank. for the F1 faithful (like me), it's 3 days
of `shiokness'. for the rest, it is a week of inconveniences at
their expense, directly and indirectly.
