Yes. It's been studied half to death, and (by my read anyway) it's a concept that didn't hold up in the wind tunnel.

That said however, some people are more comfortable that way. I am, so I ride with my forearms at about 10 degrees up angle. Perhaps I'm 30 seconds slower in an IM that way, but since I finished 3.5 hours behind the winner of my AG, I figure I'll work on those last 30 seconds some other time.

I'd argue for going with what's comfortable to you for now, since it's a new bike and all. Try it flat and angled up and see what feels good.

When I first tried aerobars (clip-ons on my road bike), I had them angled up slightly. It wasn't so much for aero reasons, but because you have much greater control over the bike in that position (so I was told). I eventually moved to the flat position I use now. I'd recommend the angle-up position for someone not used to riding on aerobars.

cholla

yeah, I read that in one of my road training books. that idea is no longer valid. comfort & power takes precident over aero. get fit right to get the most watts out of your body ... then get aero.