They are for cooling, and may help reduce drag a bit as well, but probably not by much if any. As the air passes through the radiator it needs somewhere to go. An easier exit through the engine bay means more air can pass through the front end to help cool whatever fluids are passing through the various radiators there may be (engine coolant, engine oil, tranny oil, etc.). There are quite a few performance cars on the market now that have either hood vents, vents behind the front wheels, or both for this very reason. Managing heat is one of the biggest challenges for race cars. But as P50GT said, engine coolant temps really aren't the issue with the P*. If you put a tranny cooler and/or oil cooler behind the front grill these could help. Folks with the d088 intercooler could see some benefit as well since it sits in front of the radiator, but it would probably be negligible.