The Lotus T72 was the first F1 car with sidepods.
The reasons were many, but mostly to aid in the wedge shape, as the nose was not to be tall enough to house a radiator or two. This helped bring the COG closer to the center and improved the handling, and allowed the rads to be smaller, albeit in two places.
During the ground effect years, the sidepods became more about under-body channels, and the radiators were now mounted much higher, effecting the COG, but since the grip was so great from the skirted sidepods, there was no reason to worry about the COG change.
Fast forwarding to the introduction of flat bottomed F1 cars, it became time to get the rads as low as possible again, but in the constant quest for the reduction of frontal area, we were blessed with one of the prettier F1 cars, IMO, but the coming side impact rules meant that sidepods were going to take a new direction.
Again in the future, with cars such as the Mclaren MP4/8 as an iconic example, we would start to see the basic shape we still see today. Details like raised noses and such make huge differences, but the two wing, side mounted rad style was here to stay.
It wasn't really until renault started the whole swooping look to side pods (this is debatable) and the r24 was one of the first different style of sidepods we still see today. It was the beginning of a trend that has continued, and to me is the first modern looking car, in relation to what is around now.
Finally, I see the Brawn as the apex of sidepod design. The intakes have been shrinking, and the rads becoming smaller all the time, and laid as flat as possible.
Now the future is where I think this becomes interesting. I was struck by this aircraft, the Fairey Firefly, and the rads at the leading edge of it's wing.
It made me think, that the current sidepods are just a couple of mutations away from being wings. Wings that are inverted, and flow the air down, and towards the center line of the car.
I wonder what the next major evolution will produce, and what if any advantage could be gained by having venturi tunnels above the floor, exiting at the rear wheels. I also ponder what could be gained by having two 'wingpods' at either side of the car. This could be usable downforce, and would give the sidepods another function other than protection for the driver, and radiator housing.
If it was wing shape, then the front of the wing would be lowest, and the trailing edge highest, again lowering the COG.