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@gbj_tester
Serious, but wrong. That 0.0004m² needs to be multiplied by Cd to get the reduction in CdA. Treating the axle as an isolated cylinder with it's axis orthogonal to the flow, the Cd is about 1.2, so the time saving could be as high as 2.5s :-)
The total area given was for the HED axle conversion, which was substitution of screws for a conventional Allen-key skewer and a reduction in the axle diameter. Getting rid of the QR lever will make the saving bigger than stated, but just converting from an Allen-key skewer to the low profile screws will reduce it a bit.
The French were using these Io wheels at London 2012 with the middle of the axle removed
Not sure if aero benefit or psy-ops