To be fair to the one-design concept, we need to differentiate between OD classes & One-manufacturer classes.
I sail one-design, but have a few options : I can build my own boat from plywood, or order epoxy hulls, I can choose any sailmaker as long as the sail measures, and I can use the appropriate quality fitting for the job, saving money by using cheaper fittings where the loads are not high. I can also race one-design AND formula, my boat measures to the class rules of a one-DESIGN class. All the boats must comply to min. weight rules, so there is no real difference between wooden hulls and epoxy - ask an Auzzie Taipan sailor.
But then we have One-manufacturer classes : The build hulls using the cheapest methods, then charge for carbon/kevlar, they sell dacron sails at mylar prices, and fit your boat out with low-budget fittings at Harken/Ronstan prices. This might work well to ensure equal racing, but at who`se cost ? The boat buyer`s !
Formula concept is a great way of saying one-design in the long term, since the podium hunters will buy the best boat in the formula to ensure success, in F18 the boat to beat is the Tiger, why not just buy one? Then Nacra launches their product, if it`s faster, the serious guys will migrate to that boat .... until next year another MANUFACTURER launches a faster model, great for the development of boats, not great for sailors with fixed income. In the end the best One-MANUFACTURER class prospers, and the sailors still pay too much for boats.
One-DESIGN ensures price controls are in place - don`t like a sailmaker`s price, use another one. Same with fittings & hulls etc. If it measures the same, it is the same. Any minor differences can attribute to 2% of the boats performance, picking the right windshifts are the other 98.
AND my reasonably-priced one-design boat runs rings around most one-manufacturer cats of the same size.
Want to know more ? http://users.iafrica.com/t/tu/tuffex/