No real idea (or I'd be designing F1 cars right about now), but as a guess I'd imagine the front-wing 'struts' (there's another word I'm looking for that escapes me) will extend backwards to act as a sort turning-vane further forward of the normal ones. I can't imagine the 'vents' will be on the upper-side of the nose, or an internal vent or anything.
That said, if its plural we could have a front nose-cone divided into 2 to guide air straight down either side of the car, forcing it straight at the bargeboards, rather than suggesting it. Can't imagine it would hamper the back draft from the front wing at all either. Hard to picture how it would look in my head though - without the chassis being changed it would have to be quite a substantial change of air direction, unless the nose itself came forward of the front wing. Then there's the suspension, which wouldn't allow a tight fit around the struts and steering arm, and so the vent theory wouldn't be as efficient as the theory might suggest.
Given the level of change and complications involved in my 2nd idea, I'm going with my first guess.
Of course, it might just be a nose with a couple of straight little vertical slats in order to direct air - a small teeny version of theory 1, kind of like they sometimes have on the rear wing and underside of the front wing to keep the air flow straight and clean.
//edit: Nick's image, I'm struggling in my head to work out the purpose of that, but one I can imagine is that it would improve the efficiency of the centre of the front wing immensely - it would almost act as a rear wing, and might include the centre part being extended upwards at the rear. Not convinced it wouldn't destroy the air flow towards the bargeboards and under the car though.
Edited 1 time(s). Last edit at 01/09/2008 05:51PM by gav.