True. BMW has also done the same for years, and also the roll down feature. Of course, if you live outside of the U.S., BMW also has the roll up feature. Thanks lawyers!
Looks like what I've got going on with my same/similar wheels. Mine's not around the valve stems, but there none the less. Could this lead to slow leaks? I've got one wheel that's (very) slowly leaking air...
What was the noise you heard? I've got the same cover, and the only time I've heard noise was when I accidentally mounted it too close to the cab, and the gasket/flap rubbed against the cab in the wind - a high-pitched squeaking/chirping noise.
Was that what you heard?