I just read this before coming online, and gee gawd that guy talks some sense.
The FIA and Bernie are a bunch of money grubbing twats. The FOTA clearly make decisions that every fan agrees with and that are clearly better for the sport. The FIA and Bernie make decisions that are better for the environment and their wallets.
True, I'm sure Bernie could stop some circuits from hosting races somewhere in his contracts. But ultimately if all the teams leave, Bernie's not bringing a race to these venues and thus the contract is broken. Then I'm sure the circuits would be very quick to draw up new contracts with the FOTA. They'll not want to go a year without an F1 race. Plus we could see better tracks on the calendar. I'm sure they'd look into racing at America, and Montreal a classic circuit would hopefully make a return. We wouldn't see crap like twilight races.
Not only that, if there was a break-away series. The FOTA could hire ex-drivers like Jackie Stewart to replace the race stewarts. 
But really, its not going to happen for one key reason. Safety. The FIA carries out all of the safety tests and makes sure that the drivers are safe. Without their measures theres a pretty good chances Kubicas crash would've been fatal. The FOTA can't just all of sudden start running these tests and go racing the next day. The reality is, if such a break-away series was to take place some-one would actually need to be put in place to manage the commercial and safety aspects. Someone needs to managing the TV feeds and commerical rights. So that could actually take a few years to set-up. Which would mean no racing for a few years, so really its but a distant dream.
A breakway series from the FIA might be further possible but theres another problem. Bernie would have to come, and Ferrari are tied to the FIA. Not a great combination.
The US managed to have a breakaway fairly easily, it can be done
I agree with JB. I think this all could be worked out over a winter season.
1. FOTA decide their own fate at the end of the season (if they start planning now)
2. Sponsorship will grow because their investment will go much further
3. Overall, F1 can reduce costs by making 50-50 straight 75 and allowing the rest to go into cheaper tickets for fans and less highway robbery for venues.
4. TV will come. How stupid is it to have to have paid tv to watch races? Right now F1is like Pay Per View. I watch NASCAR all day for Free. NFL free, NLB free, NBA free... Hockey for free...