I passed 3 of 'em today here in PA all doing 50 mph on the interstate in a mini-parade: a roughly '96 Accord wagon, an S2000, and a little Civic hatchy.
The wagon just had seriously offset wheels, only about 2" of tire was in the fender. The rest was sticking out, but the entire tread contact patch was on the road.
The other two were at 45 degree angles, not sure how this is benificial to handling, tire life, safety, etc etc.
Another thing I've seen is wide rims with not wide enough tires, the sidewalls spread out in an attempt to make contact with the rim.
I guess every generation has their "thing". Twenty years ago when I was in my 20's I had neon lights all underneath my car...