For a number of years I brushed off the idea that lap hulls were of any real advantage, other then knocking down some spray. I've since found they do seem to ride softer and surprisingly a bit faster, then a round or chined equal.
The lap in 'glass look never did come off right. They'd get the gains wrong or leave them off entirely and the crispness of the laps were not there, looking like way to many coats of paint or something.
I noticed the old Chris Craft, Thomson, White and Lyman hulls rode better. Must have been the extra weight of the soaked wood, right. Now that I've had much more experience with lap hulls, I've found they are light, not heavy. The 25' hardtop Lyman I just finished weighs in at 3,600 pounds and it rides like a dream. A chined version would pound the fillings out of your head in a decent chop. The 27' Chris I have has a real nice ride as well.
I've been able to ride in many lap hulls, several power and sail of differing sizes and accommodations. While sailing I noticed bubbles, lots of them. They are created as the laps move through the water. I don't know if they offer any cushioning, but something does. I've sailed lap and smooth hulled versions of the same design and the lap construction seems to have been just a touch faster. Maybe the bubbles do something to the boundary layer or act as water ball bearings, I don't know.
In wooden construction the laps form a longitudinal stringer at the meeting of each plank, making a strong structure. In 'glass you'd get a similar effect, sort of a 'glass angle iron at each lap joint.
In the end it's hard not to like the look of sweet curves, gently sweeping down the flanks of any boat. The laps make a nice sound when ghosting along and you'll find most folks will look over a lapped hull long before the plastic monoliths currently available.