I guess I should've been more clear.
F1 Challenge uses the core "driving" component that F1 Online used, I assume minus the management aspects.
Compare this launch trailer from F1 Online:
http://www.youtube.com/watch?v=RD1lh1C3fCs
With the trailer for F1 Challenge:
http://www.youtube.com/watch?v=bSsS0ubBDD4