I'm convinced that wiring downwind is faster once you get to the "critical" wind speed. This was about F3 on my Inter 17 and I'm assuming (for now) it will be lower on the 16 as it's lighter. BUT when it gets real windy then it's safer to not wire as it is just too wild. The "too wild" point will no dubt go up the wind speed as I get to grips with the 16.
First sail was in about a F3 last weekend and wiring was 100% (IMO of course) quicker then not wiring - you just get heated up so much more and so the apparent wind goes forward and so you bear off more(it is however harder work!). Sailing the 17 in a top F4 I could sail DEEPER flying a hull on the wire, than I could hitting on the side flying a hull as there was more speed, this moved the apparent wind forward (so I had to sheet in harder) and then you go deeper - This may sound mad, but it works !
There comes a point (as I said above) where it's just too wind to be out on the wire.
The size of the course also matters as does the number of boats around you (and so the probabily of needing a quick gybe to get out or trouble).
It's always a trade off between VMG and manoverability (and ability to react to shifts), it is also usefull to be able to gybe back into gusts quickly - thus sometimes it pays NOT to wire so you can ride a narrow wind band down hill.
It's all a trade off really.
I'll be wiring "hungry monster" downhill most of the time.