Ferrari is almost synonymous to Formula 1 so it's really surprising to hear FIA President Max Mosley say that F1 can survive without Ferrari. This is in response to the latter's threat of quitting the sport should the proposed budget cap be imposed. He may have a point in saying that Ferrari is expendable -- true. It will take time but the sport may actually survive without the Maranello squad. Mosley pointed out that it's just like the case of Senna who was at one point the most important race car driver in the history of the sport but after he got killed, Formula 1 went on anyway.
I personally think that it's highly unlikely for Ferrari to leave. I'm almost certain that they will find a way to resolve this because Ferrari wants to be in F1 as much as F1 wants Ferrari there.
Ferrari may be bluffing or maybe they're not but we also shouldn't underestimate Mosley's resolve. But think about it, would we rather have more small teams come in and take part in the most glamorous sport and lose the big names like Ferrari, BMW, Renault and Toyota? The manufacturers make the engines. If the manufacturers leave and the small teams come in, Cosworth is waiting to make some money.
Unfortunately in Ferrari's case, that would put an end to 60 years of greatness.