I only just got into watching the V8's last year and thougfht it was some of the best racing I'd seen in a LONG time.
The camera angles/positions (diff cam, brake cam, rear suspension cam, head cam, P-in-P pedal cam with track position shown as well) all bloody fantastic. The commentators seem to really know thier stuff (from my noobish point of view) and are able to have a proper craick with each other, the pit crews and drivers. The technical goings-on inside the garages showing various computer screens and read-outs ar another bonus.
But the two main things which are attracting me are:
1. The tracks (crappy F1 track excluded) eg - especially the mighty Bathurst
2. The drivers (skill and character).
Hope the coverage is kept up!