I think they are because they provide protection for the rocker panels and the rear valance. We get a lot of rocks and debris on the road around the Atlanta area, and these have saved quite a few dings on my other vehicles.
I doubt seriously they would affect gas mileage (although I'm not an expert in aero). Common sense says the wheels and tires break the airflow first before it would hit the flaps anyway, so they would create little or no drag in comparison.