i think they use pneumatic valve actuation. not spring operated valves
http://scarbsf1.com/valves.html
but they do have cams. they use the air to shut the valve quicker and open it faster. still use a cam. just without a srping.
http://www.f1technical.net/forum/viewtopic.php?p=6216
also some new regulations in f1. alot of the cars dont have the great tech anymore. they call them “naked” f1 cars. they even have a rev limit now.