F1 06 is due out in June, then, and features 2006 drivers/car/teams/circuits/rules/hats probably. There's an 18-race season mode playable online, classic F1 cars to unlock, and the option to play as chief engineer in career mode, apparently. Presumably you switch to the driver for races, unless it's all about "stealthing" Schumacher on the grid and leaping in his car before anyone notices (it isn't).
06 will also include a pressure system which sees you trying to force AI mistakes, prompting big old "race incidents". There'll be a new physics system, and car tuning options that won't rely on an intimate knowledge of all the particulars.