The Bahrain GP organisers issued a statement tonight saying that they are monitoring the situation and “will respond appropriately” to developments.
Civil unrest in the kingdom has cast doubts over the upcoming GP and more urgently the test session that’s due to start on March 3. Although it doesn’t say much at least it indicates that the authorities are aware that they may have to act.
The statement read as follows: “In the light of recent events in the Kingdom of Bahrain and attendant coverage in the international media, the Bahrain International Circuit has today (Tuesday) issued a statement regarding the forthcoming Formula 1 testing on March 3-4-5-6 and the Gulf Air Formula 1 Bahrain Grand Prix on March 11-12-13.
“Bahrain International Circuit CEO, Shaikh Salman bin Isa Al Khalifa, said: ‘The safety of all Bahraini nationals, expats and overseas visitors is a priority at all times in the Kingdom and, at the Bahrain International Circuit, our focus at the present time is on delivering another successful event in the form of the 2011 Gulf Air Formula 1 Bahrain Grand Prix. We are monitoring the situation very closely indeed in association with the relevant authorities, and will respond appropriately to any further developments.'”
Adam Cooper's F1 Blog 
the Qatar circuit would be happy to step in im sure
Reminds me a bit of the days before the old Soviet Union fell. There’s no such thing as a little bit of freedom, revolution tends to spread when it succeeds and it seems to have done so in Egypt and Tunisia. I suspect with no small amount of sadness that this wind of change will stop in Iran, though that is where a complete overturn of the government is most sorely needed.
The protests in Bahrain pull back the facade of peace and prosperity and we see beyond what we are supposed to see. Bahrain is ruled by a Sunni Muslim royal family, but two-thirds of the population are Shiites. In recent years, younger Shiites have staged violent protests to complain about discrimination, unemployment and corruption, and many Shiites say the country’s constitution has done little to improve their condition.
Perhaps the emotions will cool down by the time the circus comes to town, but it will certainly be an excellent podium for protestors because of the amount of media present, and it will also serve as a superb rhetorical foil for their complaints against the government.