As Reca pointed out, aero efficiency is lift versus drag. It's that simple, and easy to define. But there are many factors that affect that ratio, and it can change depending on variables. There is no perfect shape that gives optimal values, just optimal shapes for different variables. For instance, an aircraft wing that generates great lift to drag at 300 kph may just plain suck at 3000 kph. And vice versa.
And when you visualize how air is influenced and generates drag and lift, there are basically two different laws of physics that are relevant. Bernouilli's theorem, where an increase in velocity produces lower pressure, and Newton's third law, "
For every action, there is an equal and opposite reaction." A simple kite is a very good example of this third law in action. It's just basically a flat plate, placed at an angle to the relative wind. The air molecules strike the flat object, and are forced in one direction. Because the flat object is forcing the air in one direction, the flat object is being forced in the opposite direction. And if you've ever flown a kite and hung on to the string, you know that it generates tremendous drag, which is very inefficient.
So when you visualize an object, it is influenced by the sum of these two forces. A wing at zero degrees angle of attack to the air has very low drag, yet generates lift. But as soon as youy turn it on an angle to the wind, Newton's third law kicks in and more lift is generated, but much more drag too. Crank in more angle of attack, and the lift to drag ratio skyrockets, giving more lift, but much increased drag. There comes a point where the air starts to separate and shed from the skin of the object, and then it becomes incredibly inefficient. Drag skyrockets, and lift drops. In aircraft, this is the stall region, and that's when planes can fall out of the sky.
Also, in a racing car, the aero is heavily influenced by the interaction between itself and the ground. It's very complex, and that is why all the major teams have wind tunnels that have a moving road surface, so they can study this.
In a racing car with wings, you can generate as much downforce as you want, just keep cranking in more wing angle. But drag increases, so you suddenly find that top speed and acceleration suffers. The trick is to find the balance between getting enough downforce to get through the corners as quick as possible, yet remain fast enough down the straights so you don't get passed.
http://www.grc.nasa.gov/WWW/K-12/airplane/bga.html