Green Car Congress has a post about the recent redesign of Formular One automotive racing technologies. No all teams will be allowed to incorporate some sort of battery mechanism for storing energy (accumulated through regenerative braking and the like). There is a debate about mechanical (like a flywheel) versus chemical (like normal consumer batteries) energy storage.
What I think is interesting is the possibility of a ‘turbo boost’ function not unlike the ‘turbo boost’ of KITT in Knight Rider. A normal turbocharger system has a turbine compressor driven by the spent exhaust gasses that compresses the air into each cylinder (or space in a rotor housing) so it is above atmospheric pressure, thus allowing for more fuel to be injected into each cylinder, too. The sort of battery-based systems F1 are allowing to be introduced use some sort of external system that would add up to an extra 60kw at the push of a button. This is a lot of power compared to consumer road-going vehicles.