It does seem a bit extreme, and it isn't really penalizing the criminal because it wasn't their car in the first place, so they haven't really lost anything. I hope the insurance company paid out to the original owner?
Sad thing is that's one less F-car on the road its not as if there are loads to begin with anyway, couldn't they have found a BMW to crush instead preferably with idiot driver like the one who thought he was gonna whoop my ass round the Hyde Park S's and down the Park Lane Straight this evening in his 530d (I think not! )
On the bright side if they continue like this the F-car investment portfolio is gonna be worth some serious bucks down the line...but I hope they don't. I mean would you destroy a Picasso (only if it was a Citroen) or a Rembrandt or the such like? A Ferrari is a work of art (well mostly ).