I'm not sure the fender vents were actually functional, but given thier placement, if they were, they'd be used for heat extraction.
The concept of these styles of hoods is that air will pass through the radiator, then up and out of the engine bay...given that the radiator is very hot, it prevents this hot air from entering to far into the engine bay. To a lesser extent, and how louvers work, is through the the swirling effect of the air behind the vent, the creates a low pressure area that will literaly pull hot air out.
This is a pic of the Adrenalin extractors, the Lancer Evo uses similar extractors, and race cars use louvers and extractors...of course much, much larger.
<img src="http://www.zjstech.net/~library/93/2257-5.jpg">
On the Ford GT, on there <a href="http://highresautoimages.com/ford/gt17.jpg" target="top">rear deck<a> you can see many small louvers....these, while mostly ineffective because of the size, do extract heat from engine bay. Now <a href="http://highresautoimages.com/ford/gt4.jpg" target="top">on the front</a>, there are two very large extractors behind the radiator, this not only helps front downforce, but helps maximize the cooling effiency of the radiator, it's surrounded by nice cool air. There is also a small intake scoop, although I'm not sure what it's for, other then maybe the HVAC system.