This is the only vehicle that I can think of recall seeing that looked good IMO with enclosed wheel wells.
^Audi RSQ from I, Robot. Pretty cool. I wonder if those air scoops cancel out the gains from the enclosed wheels. Presumably they are for cooling the brakes. I guess this is a general problem with enclosed wheels. Here's another Audi concept. Edited to add: OK, one thing I notice about these two is that the ground clearance is very low. Not practical in the real world. So you end up with the tires peeking out from below which tends to look funny. This is the image that comes to mind. Ick.
There are many 50s cars that pull off the look. Some with 4 enclosed. Many I've never heard of but they turn up at the Goodwood Style et Luxe display and look cool.
two words for enclosed wheels...... HATE THEM !!!! So much so that if the car has them I will not even consider buying it.
It was mentioned here, Gen III Announced for Sale as Early as 2015, and I have to agree. Haven't seen one practical application that I thought looked good. Franz and company would really have their work cut out to do something like that for GenIII and have it appeal to the 3-series/A4 demographic.
They pulled it off back in the 50's with cars like the Bel Air. I don't think anything since really has, I know there are lots of people that love the Citroen DS, but it just doesn't work for me. Maybe its the flared wheel arch? Seems to be a common feature in the 50's enclosed wheel cars that the newer ones don't have. It seems to be missing on all the newer cars and might be part of why they don't look quite right. Having the flares though probably reintroduced a lot of the drag that covered wheel arches eliminates though.
With most cars the enclosed wheels were a pain if you had a flat--especially if it wasn't nice out. With the DS, you just undid one bolt at the rear and the entire quarter panel came off. Changing a tire was almost fun--especially because you didn't have to jack up the car and could drive it on three wheels until there was a safe place to change. One of the two best cars I have ever driven.
Here's one of the Tatra 77. This bad boy was designed in the 1930's and had a drag coefficient on par with the Model S. Not too shabby.