Just had a quick glance at the new site, and certainly whilst it's free, it's not too bad. And don't forget, as a pop-up tells you, the site is still in Beta format.
Live timing seems to be fairly easy to find; at the top of the page, click on F1 Live and this would apparently take you to the page where the timing options are available - I say apparently as there was no live timing taking place when I looked.
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