Just read that Honda have withdrawn from the 2009 F1 season, stating that with the economic downturn and slump in car sales they cannot justify the expense of running an F1 team. The team has been put up for sale and if a buyer isn't found within 3 months all 700+ staff will be laid off in March. Part of the deal for the new buyers is that they can use Ferrari's engine.
It is also reported that Toyota are rumoured to be considering a withdrawal.
Even though Honda haven't been competitive recently, it isn't good for the sport or competition when teams quit.