I like how the subject of interest is F1 and not RC
. F1's great and all, but I doubt much of it translates to our nitro cars.
Blipping the throttle is most helpful when I've got a car that pushes more than I like. If I need to tighten up my line, a couple blips will unsettle the car and get it to hook into the corner and get the front end pointed where I want it so I can punch out of the corner when my car is settled down again. This is all split second stuff of course, but with the perfect setup and perfect driving capabilities; smoother is faster. But perfect anything doesn't happen often/ever. If I want to coax my car to rotate a bit more through a corner I'll blip the throttle some. But if my car and I are in sync, smooth throttle and steering inputs will certainly get you faster lap times.
Another thing, if you overshoot or undershoot a corner, small corrections can be made by blipping the throttle, but as someone said, this really upsets the chassis' balance, which is just as important as where your car is located in the driving line. The best way I've found to really be on top of your car's balance is by making very smooth inputs so if you're in the middle of a corner and you need some more steering, you'll know you need about 10% more throttle to get a little more rotation or that you need to back off on the steering to get more traction up front because you're front tires are acting like plows when you're near full lock in the middle of a corner. When I'm fast, it almost feels like my car and my radio and me are doing a flowing and beautiful dance... decisive and flowing and very fast. Corny saying it like that, but that's all I can really relate it to, because if your car is cumbersome and you have to really fight with your radio to get around the track, you need some work and plenty practice.