It looks like USF1 should be a go no mater what. It is very nice being an american and feeling like this country dose not care about F1, and F1 dose not care about it, that such a team is in the works. Maybe such a team can help F1 popularity over here and take some of the focus off of NASCAR and IRL.
Even if only one or two other teams join, It should be a great thing to see the grid fill out like that. Having only 20 cars on the grid is just sad, but if they get this budget cap right and all the teams are happy, we may see a new golden age for F1.