philipbain, all the arguments you made are perfectly valid and satisfy my scientific mind (especially about the exhaust gases being used rather than wasted and hence getting max efficiency of any machine)
but what it does not satisfy (and no logic ever will) is the longing for a very loud and crazy sounding race car.
Many if not most (?) racing fans have grown up with a racing car making a racket (as you put it) and that racket has always been an intrinsic part of the race fans' enjoyment of the racing.