Is Lewis Hamilton destined to be one of the great champions of Formula One, or will he become merely one of the highest-paid and highest-profile stars of the sport, who, like so many other drivers before him, becomes fabulously rich but ultimately fails to deliver?

As the brilliant young McLaren Mercedes driver prepares for his second British Grand Prix at Silverstone this weekend, the debate about him and his prospects has never been so intense. This is partly a reflection of the erratic pattern of his recent performances on the track, which have dented the aura of invincibility that he acquired last year, but also the perception that Hamilton, the man, is changing quickly in the intense heat of life as a superstar.

There is no one whose outlook would not be altered by the knowledge that millions are flowing into their bank account — Hamilton will earn at least £100 million over the next five years — and the awareness that they have become a household name whose every word and deed is pored over in the sports pages and gossip columns. Hamilton has been well brought up by his father, mother and stepmother and his feet are still touching the ground, but only just.

In recent weeks, he has been out on the celebrity party circuit, he has acquired a “trophy” girlfriend in the form of Nicole Scherzinger, the curvaceous “Pussycat Doll” and he has cashed in on his status as “world champion in waiting” by signing a lucrative five-year deal with Reebok, the sports equipment manufacturer. More personal endorsement deals are thought to be in the pipeline, even though the 23-year-old is already leading a frenetic existence that, despite his considerable stamina, must be detracting from his focus on what he does best.

At the same time, Hamilton has started talking somewhat worryingly, or even naively, about his film star “friends” — Denzel Washington and Will Smith, the Hollywood actors, not to mention Naomi Campbell, the supermodel, and assorted pop stars. In Amsterdam at the Reebok launch, he said that these are individuals he “looks up to” and turns to for advice because they “are in the same sort of situation as I am”.

The background to his racing life has changed significantly since last season, not least because Hamilton no longer lives at home in England, but is existing in rather lonely tax exile near Geneva, a place for which he has little affection and where he appears to be struggling to settle down on his brief visits to his apartment. Just like the Reebok deal, the move to Switzerland was not motivated primarily by what is good for him on the race track, but by money and the imperative of earning as much of it as possible.

If Hamilton is changing under the pressure, so, too, is “team Hamilton”, which is made up of just Hamilton himself and his father and manager, Anthony. It has been obvious for a while that as Hamilton has developed from new boy in Formula One to one of the world’s most-recognised sporting personalities, this was not going to work and the evidence for that is increasing. Anthony is finding it hard to handle the attentions of a more sceptical press corps and that the pair are father and son is not helping him stand back at times of crisis.

It has also emerged that Anthony and, to a lesser extent, Lewis do not get on with key players at McLaren, among them Ron Dennis, the team principal, and Matt Bishop, the new head of communications. These broken relationships are going to be the source of increasing tension in the months and years ahead.

Watching Hamilton trying to keep his focus while dealing with more off-track distractions than his rivals — principally Felipe Massa, the championship leader, and Kimi Raikkonen, of Ferrari — it is easy to feel for him. On the one hand, he is becoming extremely rich, but on the other it seems that he has been swept along by a tidal wave called “Hamilton Inc”, which he is powerless to stop. The McLaren driver is a genuine, honest and charming individual, who puts his all into everything he does. But even he has only so much physical and mental energy and Formula One is rapacious in its demands, without any of the extra distractions that Hamilton is taking on.

If Hamilton struggles to match his stunning debut last season — it took him to within a whisker of becoming the only man to win the World Championship at the first time of asking — he may well reflect on the way his life has changed and the impact that this has had on him and on his performances. There will be contracts to fulfil, which he is locked into for 2009 and beyond, but a lot of the other distractions can be dumped into the bin marked “experience”.

Lewis Hamilton’s performance in Formula One in the past ten races

Oct 7 Chinese Grand Prix Did not finish 0pts

Oct 21 Brazilian Grand Prix Seventh 2pts

March 16 Australian Grand Prix First 10pts

March 23 Malaysian Grand Prix Fifth 4pts

April 6 Bahrain Grand Prix Thirteenth 0pts

April 27 Spanish Grand Prix Third 6pts

May 11 Turkish Grand Prix Second 8pts

May 25 Monaco Grand Prix First 10pts

June 8 Canadian Grand Prix Did not finish 0pts

June 22 French Grand Prix Tenth 0pts

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