To put it into context a 303 Firecrest, and the LB 45 clone, is as aero as a 80 mm V shape rim and far better in a crosswind.
If you can believe Reynolds their extremely pointy latest design has very good aero properties. Plus a lot of users report good crosswind performance.
Makes me wonder if the rim width (relative to the tire) is more important than rim shape...
Not sure on that one, the whole point of the wide rims in the first place was to create a virtual airfoil on the trailing edge of each wheel. In order to do that the rim has to be wider than the tire. Now if the V-shape is wide enough and so wide that the tire has less width than the rim, it might be possible to create the Virtual Airfoil that way. However, the shape would have to be optimized for that and if you look at the Reynolds it does flatten out towards the tire, so it could be the case on that wheel. I think its both factors, width and shape.
V-shape rims is like riding a TT bike backwards! It doesn't work like that and creates a lot of drag. It'll still be more aero than a round tube bike but not by much.
A very wide V shape could possibly create a virtual airfoil but I doubt it would do it as well as say a 303 Firecrest. However the leading edge of the wheel would possibly be more aero than the 303 FC and overall they could be pretty close.
Wheel design is fascinating to me as its a balance between being aero on the leading edge of the wheel and the trialing edge at the same time.
The best design I think is one that finds the wheel shape that works best for the front wheel and then the best design for the rear wheel. Each one would be slightly different as there are tubes and legs pedaling causing all kinds of wind flow fluctuations. I think this is what you will see happening as the next evolution. Enve i think is doing the right thing by starting along that path.