The F2008 nose wasn't about reducing frontal area. That v-nose was all about reducing the drag caused by the upwash of the front wing. I just posted the pic to illustrate my previous comment on the F2008.
As far as current v-noses go, you have to consider that the frontal area isn't just the cross-section of the nose. It's the also underside of the nose up to and including the splitter, side pods, barge boards, etc; that's all exposed to oncoming air flow.
EDIT:
raymondu999 wrote:Speaking of that massive F2008 nose duct, didn't that appear mostly in circuits which required a "pointy" front anyways? Monaco, Canada, Spa and the like?
How do you propose to collect the wake with the V-nose? And why would you want to collect it?
They used the nose duct on circuits that required a front wing with a high AoA.
That today's v-noses collect wake from the front wheels would have probably been better phrased by saying that they help guide it under the car. It takes the wake from the front wheels and guides it downward to be introduced into the stream headed aft.
EDIT 2:
krisfx wrote:On a none related note, the 2008 Ferrari nose looked amazing!
I think it looked better on the previous year's Toyota.