From what I've read of the RC211V's bodywork, the minimalism is by design. Honda determined that a "slippery" shape (like the Yamaha M1's) is good for top speed (and rider comfort) but tends to create some lift as well, which will make the bike harder to turn and feel generally less stable. It's all about balance, see. And Honda felt it could always make more power to compensate for the increase in drag caused by its minimal bodywork.