See the Williams FW37 render). The new regulations were bought in to try and curtail the gentleman style appendages our eyes were assaulted with in 2014, but as the nose is a key design parameter in the cars concept much care will have been taken in the redesigns. Many will have you believe that mass flow is the answer as you must get as much flow to the leading edge of the floor as possible and although this is true to an extent, it's the quality of flow that is much more important. Initially looking at the E23 I was reminded of Enstones last championship winning cars, the R25 and R26 which featured a similar low nose, tapered concept.
The tip of the nose tapers to meet with the 9000mm2 cross section regulation at 50mm behind the tip, making for the smallest letterbox shape possible (140cm wide) whilst the 20000mm2 cross section 150mm in behind this is likely as high as the tapering regulations permit. I'd expect the nose is sculpted out beneath the two areas. (Please note that this is not to scale so the point 150mm behind the tip is offset so you can see it better)
This makes for a much narrower nose than would normally be used, with most teams taking the front wings mounting pylons to the 330mm width maximum and trying to use that to increase the amount of flow that can be gathered centrally. In the most forward view we can see the full impact of this decision as further downstream the nose assembly tapers out to meet with the chassis, whilst underneath the chassis Red Bull esque Z shaped turning vanes will re-profile the airflow moving toward the bargeboards and sidepod undercut, energizing the flow.
As with all of these launch renders what we see covers the bases, during pre-season testing I'm sure we'll see an evolution of the E23 and as always I'll keep you upto date as best I can.