Have you heard about the Caparo T1? It's a car by a new brand created by some of ex-Mac Laren staff members.
What has it to do with this topic?
Well, this new supercar is based on a F1 design, single seater powered by a 2.4l V8 tightly packaged. And athough there is no bodywork covering the front suspentions (as a F1 car), wheels are covered.
So it seems whenever you have the choice, it's better to cover them. Or maybe they were forced to do so because of road homologation.
BTW, The car is said to produce around 500 HP for around 500 kg, and to be able to fight with the Bugatti Veyron for 1/4 the price. Nice one!