I don't mind most of his commentary, except for the bit where he calls all the teams by their home city. People don't really care about Brackley vs. Maranello.
I've never seen Steve's commentary (although I do love his books), but those references could be useful in appreciating the lineage of the teams on track, e.g. the consideration the the team that once was Spyker finished 4th in the championship last year.
Yeah, I don't mind it occasionally, but he'll open up qualifying with something like, "Well today we're going to see if Maranello can take the fight to Brackley," and I wish he'd just use the team names.
On the other hand, I really look forward to hearing Hobbs go "Whoeuueeuuueeeoaa!!" midsentence every time someone gets even slightly sideways.