I am pretty sure they are there for lowering the drag. Tire is one of the biggest drag force producers on the car, and that's why open wheel cars have such high amount of drag (1000+ lb on some occassions). Anyway, I hope they can put an undertray for the car to gain some downforce and improve the Cd of the car.
TEG's right, those 1' x 1.5" plastic airdams directly in front of each front wheel are called front tire spats. According to a Toyota ad for the MR2 Spyder, spats move air away from turbulent wheelwells and reroute it under the the car. It's not much of a stretch to reason that turbulence in conventional wheelwells (as opposed to rear-relieved, see Ferrari F40 front wheelwells) are pressure risers, effectively pushing the car off the ground. Spats keep the pressurized air spilling off the front lower lip from churning into the wheelwells. There are also tiny spats for the rear wheels, but they're significantly more outboard than the fronts, which leads me to believe that they're meant to reduce the amount of air that can be churned into the wheelwells from the side of the car.
[This message has been edited by DtEW (edited October 16, 2000).]