All of Bob Perry designs of 'canoe sterns' are simply 'stylistic'; just imagine an ~18" shorter boat but with an added 'protuberance out the back'. The 'viewpoint' was to visually carry the length of the sheer-line to make the boat "look" longer. Bob Perry is an artist 'with a good eye' as well as a fantastic boat designer; so, such shear-line elements are very visually important to Perry.
All of Perry's canoe stern designs have quite adequate reserve bouyancy in the 'fanny' / stern due to the shape of the bilges, unlike the WetSnails, etc. that have a relatively flat turn at the bilges. With such reserve buoyancy (in all the right places) there definitely is no problem in a following sea. ... and NO the pointy stern does not 'part' a stern wave like Moses did with the Red Sea - unless you want to do a circumnavigation by sailing backwards. I've been in F9-10 and have never had more than a bit of slop come over the stern (I reluctantly say this with fingers tightly crossed and with great anticipation/trepidation of the future). The advantage I find from a canoe stern boat is that due to the symmetric hull shape I can heel the boat over almost onto her beam ends and have hardly any adverse helm develop; plus, such a boat once set up/trimmed/sails properly shaped - will essentially easily and long term 'self steer'. (I avoid tacking duels)
The hallmark of Perry, etc. canoe sterned boats is 'sea-kindliness' (doesnt knock the fillings out of your dental work in a heavy sea state) which doesnt easily 'tire-out' the crew ... cant say that about the currently in-vogue, flat bottomed, FAT-ASSED 'production boats' (aka - 'dockside entertainment centers').
Stowage ... damn little in that aft 'protuberance', yet similar to most other boats just forward of the stylistic 'pointy end'.
There are probably more "Perry Design" boats actuallly sailing blue water than from any other designer. Perry is and remains the 'master' of blue water design as no other designer has had so many (total numbers) of his designs successfully circumnavigate - for good reason: they 'work'. Valiant, Tayana, Baba, Tashiba, Panda, Passport, etc. etc. etc. (and many of the so-called 'Perry Imitations' and 'stolen designs').
http://www.amazon.com/Yacht-Design-...bs_sr_3?ie=UTF8&s=books&qid=1234918503&sr=8-3
So to paraphrase Bob Perry himself ... that canoe stern is mostly 'stylistic', and it sells.