Open wheel advantages

[Tom]

It didn't show any info on my school PC but here it has all the contacts etc, its your computer not the website I'm afraid.

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[DaveKillens]

The aero mess from the open wheels contributes as much as two thirds of total aero drag. As well, they contribute nothing to downforce.
Over the years, racing has evolved into a "formula" type of car with open wheels. F1, CART, IRL, and many other "Formulas". They remove themselves from any semblance of road going cars, and on sight, give the distinct impression that they are pure-blooded racers.
If Formula One allowed the manufacturers to just cover the wheels, lap times would plummet.

[Saribro]

Let's be honest, open wheels just look way cooler :D

[joseff]

Them rotating wheels actually produce lift.

[mep]

The open wheels have a lot of drag, this
could make overtaking from the slip stream
much more easier.

[JimmyK]

Hmmm, I think when Merc had the closed wheel W196 many a yarr ago, at the more twisty tracks they opted to run it open-wheel (see the article in the 'all cars ever' section) as in closed-wheel form it had too much understeer. On the tracks with long straights and more long/smooth corners the much reduced drag on the closed-wheel car would've helped them.