F1CE is indeed a great game that lacks some polish, it looks very much like they rushed it for the PS3 launch. It's a shame they only got to do that one installment for the PS3.
Regarding a new F1 game, Studio Liverpool has moved on to other projects. EA or PD might do one, here's from an interview with PD's Gran Turismo creator:
IGN: You've got the F2007 in Prologue, and a lot of people would love to see Polyphony work on a Formula 1 title in the future. Is that something you'd be interested in?
Kazunori Yamauchi: The F2007 is currently I think the most precise simulation of an F1 car in existence, and I think it's something that everyone should try out. We've had to implement a lot of new physics into the game, and a lot of mechanisms that we had left out before that we had to add to simulate the car properly, and it's something we're looking forward to having everyone experience. As for F1, of course we've always wanted to add more F1 cars, and to make an F1 game, but we haven't made any movement to acquiring the license, so there's no set timeline for it yet, but it's something we're looking at.
http://ps3.ign.com/articles/864/864502p1.html
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