I live on my boat about 200 yards from the upwind mark. I've done a lot of spectating from shore, from my dinghy, and from the "pit area"
There is no real sail boat racing - what they are doing is 'kinda like NASCAR - the fast boat at the start gets the lead and all the others fall in behind them. YES - they are very fast and very nimble but all I've seen is a drag race from mark to mark. There is no luffing, no passing, and no match racing tactics like the old AC boats. They are fun to watch for a while because they are so incredibly fast and lively but that is all I've seen - flat out speed!
Maybe this is the "exciting" new paradigm but it has little to do with sailboat racing as I've known it since 1972.
I spent a couple hours in the "pits" yesterday. The boats are two hulls, each about 30" wide, tied together with a couple cross beams and one bigger beam that runs fore and aft and holds the mount/pivot for the articulated wing (main sail?). They allow the public to get within about 2' of some of the boats on the San Diego Broadway Dock so one can examine them in great detail.
The AC 45s are interesting to watch but have as much to do with my cruising sailboat as do my 8' wave sailboard or my 9' speed board. They are propelled by the wind but that is all I recognize.
But - those guys do know how to handle their speed boats!
Yesterday there was a Moth (sailing hydrofoil) (http://en.wikipedia.org/wiki/Sailing_hydrofoil - 2nd page) out racing around with the AC 45s - it was doing circles around them while the big boats were flying a hull and/or a spinnaker - fun to watch!
... maybe I'm just a grumpy old fuddy duddy ??