My understanding, albeit limited, is that yes, certainly the diffuser produces less drag than a wing, but it *still* creates drag. This is going to be true of I think any downforce-generating device; induced drag comes along with -L. Yes, I think the diffuser has less drag than a big 'ol rear wing.
Again, my limited understanding is that the height of the diffuser is critical as is the rake of the car. Too high and you will suck in air from the tires, which is turbulent and bad. This is why the teams used the 'exhaust-sealed' diffuser design, particularly RBR. Go too high and the flow will also detach and create turbulent air behind the car rather than a smooth(er) wake. Let the diffuser get too low to the ground and you will choke off flow and lose the downforce.
In this latter way, the diffuser can be thought of as 'self-stalling' at high speeds if the car is not stiffly sprung. As speed increases, the total aero load from the aero devices on the car increases. This pushes the car closer to the ground, reducing the effectiveness of the diffuser. But let's say we have a stiffly sprung car, like an F1 car, where ride height is 'relatively' constant and the mechanical suspension is more or less in the sidewalls of the tires; now the diffuser is effective at high speeds.
But this is generally bad, because usually when we are traveling in a race car at high speeds, we are on the straights. So the idea is to stall the diffuser on the straights either by running it too low to the ground or by some other means. But the other problem is, we need to 'unstall' the diffuser when it's time to brake, which will also likely be at a high speed. I think this is one of the major reasons FRICS was being used for the last 6 or so years in various forms; it allows for better rake control under all dynamic aspects of the chassis. It also, if done right, allows the diffuser to stall but then regain airflow for the braking phase.
Again, I am no expert like Scarbs, but if Ferrari was stalling the diffuser with a moveable floor 7 years ago, then 1) stalling the diffuser is apparently worth a large engineering effort and 2) I'm sure everyone in the paddock is looking for ways to implement the same tricks.
Now you may ask "how does this work without FRICS?" I honestly don't fully know, but based on the Mercedes pace at and after Germany when the suspension devices were removed, I think Merc always had an alternate and equally or nearly equally effective plan.
It's all about -L/D in the whole package. Watch Formula Student and you will see a lot of 'draggy' wings because their top speeds are low. Watch LMP cars at Le Mans and top speed and reducing drag becomes very important.
Funny thing is, I asked the exact same question last year when we were talking about stalling diffusers:
http://www.f1technical.net/forum/viewto ... =6&t=15480
Just my humble thoughts.