from the bicyclesports.com forum, seems that rear wheel cutouts e.g. the P3, do not really matter in the wind tunnel, 4 seconds over a 40k, very interesting reading
J.C:
"Rear wheel cut outs are cool looking and might help performance a little bit if everything is just right. The tube shape leading into the cutout is kinda important. I did a test last year where I built a fixture that tested seat tubes with rear wheels, no other tubes or anything were involved. I took a Easton seat tube and ran a deep 50mm wheel with a 19mm tire, the tire was about a credit card away from the tube, and ran it through a 0-30 degree yaw sweep. The theoretical 40k time was 1:04:29. Then I set a gap of a full tire width and ran it and the time was 1:04:25. So then I turned the frame tube around backwards with the larger tire gap and it went 1:04:24. I ran several other tube shapes and tire gap didn't matter very much, I did finally come up with a tube shape that was better and worked better with a close tire, but the consumers seem to like the look of a close tire. The close tire makes the frames have very short chain stays which shift poorly so that seems to be the price for cool looks.
The difference between a symetrical lens disc and a flat disc is only 2-3 seconds over a 40k, a disc like a Mavic that is lens shaped on one side and almost flat on the other is slower than a flat disc by 3-7 seconds. All disc are faster than other rear wheels. "