I own three wings...
Dive-Rite Travel wing - it has an elasticized fabric outside the bladder which helps squeeze the air out - out of the water.
Dive-Rite Rec wing - it has a "half bungee" arrangement to help keep the wing from tacoing around a single tank, or tacoing too much when used with sidemount
Dive-Rite Classic wing - no bungee at all.
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The idea that a bungeed wing will squeeze the air out of the wing regardless of position should the inflator fail open - in the case of these wings - is just so much bunk. There is perhaps a slight squeeze, but it ain't enough to make any appreciable difference. If the leaky inflator is held as the low point in the system the wing will hold air just fine, bungeed or not. Instead of just thinking about it I've tried it. Dumping a bungeed wing takes the same valve positioning as dumping an unbungeed wing. Differential water pressure far outstrips the squeezing power of the bungees. Maybe the OMS BWOD can do it, but the Rec wing won't.
As for streamlining, I personally can't tell which wing I'm wearing from the way they swim. 'Course the Lovely Young Kat says I'm insensitive...

Rick