Although the concept may seem a bit foreign as we usually classify fluids as liquids, but air is a fluid too. Under the laws of fluid dynamics, it must behave a specific way, and this is the faster you go in this fluid, the energy invested to change the velocity goes up exponentially. So this is the reason why you find it harder to open up a sprint and do 65 kph than it is tootling at 30 kph. This exponential relationship between velocity and the force of drag can be explained through the equation: Force of drag = ⅟2 x Density of fluid x Velocity 2 x Drag coefficient x Area. When we actually have a look at this we notice what is slowing us down and what we can do about it. If the '⅟2' is constant, the density of air cannot be changed (Unless you mount a giant heat gun onto the front of your bike) and we want velocity to be as great as possible, then all we are left with is the drag coefficient and the area. The area is quite simple, it is just how much of your body and bike is exposed to the wind; not much and you'll be keeping up with Bradley Wiggins, lots and you'll be spat out the back door. Think of it like a parachute, hence the trend of paper thin bikes that are so popular currently. Drag coefficient however is not as simple and is a numerical value that takes into account pressure drag and skin friction. So in our 'ideal bike, we want a narrow, smooth (relatively so, refer to "The Dimple Effect") bike with nice tear drop shapes to slice through the wind and reduce the low pressure wake behind you that is keeping you within mortals ability.
I have been saving up this fact because I believe it is the punch line of the aerodynamics argument: between 80 and 90 percent of the power you are putting is just going to pushing air out of the way. Which confirms that aerodynamics is immensely important in the sport of cycling. And small changes really can have a big difference, because as I said before, there is an exponential relationship between velocity and drag, so the faster you are moving, the bigger effect that little change will make. And considering that you plus your bike wouldn't amount to more than 4000g of drag (I know, sounds small doesn't it?). So removing 20g of aerodynamic drag is going to be more perceptible than taking off your saddle bag, pump and bottle cages to lose half a kg of weight. And if you do perceive a difference, it is probably due to less pressure drag around the rear of your bike after removing your saddle bag. An example of 20g of drag loss is changing from those old shifters by Shimano which had the gear cables routed out of the side and going to more conventional routing through the handlebars. And to all you haters out there aero wheels do make a palpable difference. This is because round spokes generate so much turbulence and switching to a smooth plane surface for the air to flow over is going to make a huge difference.
Unfortunately, this discussion is going to end in a testimonial, sorry. I went from old Trek with standard round tubes and cables flapping in the breeze to a Felt AR, with its beautiful aero shapes, scalloping for the rear wheel to hide in and internally routed cables. Now I do not know if this is because I notice everything on my bike, but the effect of all that was mind blowing, and I'm at the stage now where I would not go back to a bike with none of this clever aero trickery, it really is that noticable. My advice is, if you are in the market for a new bike, go down to your local bike store and have a ride one of their aero frames. Seriously, you'll love it.
Going to overcoming aerodynamic drag.