I'm not such a big racing fan. The only way to tell the cars apart is by color, and there are only so many colors. Plus, while it may be exciting in person, there's not a whole lot of payoff in watching guys go around in a circle.
Fox has gotten pretty inventive in its NASCAR coverage (I'm one of the few who liked the glowing puck), but ABC is still pretty much stuck in the Jackie Stewart era when it comes to race technology. But their announcers do a great job explaining what's going on.
Still, I love the Indy 500. I'm old enough to remember when it was on Memorial Day itself, and was broadcast tape delay in the evening, so the network wasn't at risk for all the time lost to the spring rains. Now, they do it on Sunday and they show it live.