ron ward

the idea here is that the wet sanded surface is microscpicly rough and as the water flows over the surface a boundry layer of turbulence is formed. this boundry layer of tiny edies, actually "detacthes' the hull from the water's drag and creates less friction, thus a faster hull. when the hull is waxed and 'microscopicly smoother" that boundry layer of turbulence is calmed down andthe capilary action of water attempts to hold the hull still, slowing the hull down.
this phenomena was discoverd when America cup boats converted from wood to fiberglass. the common practice was to wax them down, at first. then, one of the winning teams were seen wet sanding the hull in prep for a race and the cat was let out of the bag. i can't recall which team it was, though. from that point on,subsequent research by virtually all theams provedthat a microscopicly rough hull was faster.