Let me comment from a computer engineering point of view. Besides the air flow benefit, rounded (twisted) cables cancels it's own electric magnetic inductance, resulting in less interference and higher throughput. Notice that all external SCSI cables are twisted? and 100/10T LAN cables are twisted also?
The theory is very simple. Remember from your high school physics that when electricity travels through a wire, it creates a magnetic field (the right-hand rule). This magnetic field then generates an electric inductance (the left-hand rule) in nearby wires. The closer the wires the higher the inductance. When wires are placed in PARALLEL, the small voltages (as the result of inductance) point to the same direction, thus add up to a larger voltage (interference). If the interference is large enough that the receiver can't decode a signal, then there's an error.
By TWISTING the wires together, the wires are no longer in PARALLEL. Thus the small voltages do not point to the same direction, thus won't add up effectively. In the best case, they could cancel each others out.
There're some common problems in the tests mentioned here. The tester simply cut the ribbon cable into small groups and bundle them together, so the wires are still in parallel not twisted. As a result the wires are now much closer, and creates larger interference. He then claimed that rounded cables are bad.
In conclusion, if you want to make your own rounded cable, make sure you have a twisted bundle, otherwise, its performance will be worse.
James