Actually bike aerodynamics in the '50s and '60s were much better than now, at least in regard to top speed, and the Dustbin or Porpoise fairing allowed 50-60HP 500cc machines to get close to 200mph.
The problem with motorcycle aerodynamics is that bikes roll about an axis and the moment they move off vertical the aerodynamic properties of a fairing that works well from a top speed perspective, change drastically. The Dustbin fairings were banned because there were fatalities that may have been caused by those fairings generating lift at high lean angles and speeds and literally lifting the wheels off the ground.
Motorcycle aerodynamics are still very poorly understood. What works well at one track may be a liability elsewhere. Rossi demanded a bigger fairing for the first RCV211V, but had to return to the small fairing because of the massively negative effect on turn-in the bigger fairing had.
HRC have changed the design of the rear hugger on the RC212V throughout this year. Looking at the shape after the initial photos were published for the RC212V I theorised that the shape of the hugger was developed to meld aerodynamics to rear suspension action and to create a vortex generator to deny a draft to a following motorcycle. I think it probably had a deleterious effect on top speed as the little pointed spoiler disappeared from the hugger. A flat topped hugger with spoilers on each side at the rear, angled at roughly 45 degrees to horizontal has appeared since, possibly to improve lateral grip in high speed corners.
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