Looking at the Caterham vs the other 2012 cars i think that the Renault engine allows for a quite tight back end, more than you can do with a Merc for ex...
Ferrari is hard to judge due to their Exhausts/hot air exits.
Yeah, FI's sidepods aren't that impressive... but they do have integrated exhausts into them.
But regarding the nose - I really hope Williams won't get to Ferrari/Caterham level with the nose. FI is tolerable.