It probably would open up a "mini" arms race, although a lot of it would be due to marketing, IMHO.

There is not a sail (or material) out there that will make me win more races if I do not spend time on the boat practicing good sailing techniques and strategy. I think too many people buy into the hype that technology will make them better (rather than time on the boat)

I believe that quality control would improve, and sailors would have even more ways to adjust their sailplan (in addition to the normal sail control lines).

If it's only sails we're talking about, I don't think it will get that crazy, as most racers buy new sails every other year anyway...