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I think they are a case of technology for technology's sake, not that they are an actual improvement over Schrader valves.

Presta valves are lighter and more aerodynamic than Schrader valves and they let less air escape when you pull the pump head off of a high pressure tire. They also restrict the flow of air less than a Schrader valve when you are pumping them up. You can also put a simple and cheap adapter on them that basically turns them into a Schrader valve

I really am not concerned about the weight and aerodynamics of my valve stems. That seems like an almost esoteric concern. My bikes are used to haul my gear and my 200 lb. carcass around, and I am more interested in utility than weight. I’ve hauled 40 lbs. of groceries home on my bike. A few grams of difference in a valve stem is not going to make a difference for me.

Presta valves are lighter and more aerodynamic than Schrader valves

Which makes a minute difference for most.

and they let less air escape when you pull the pump head off of a high pressure tire.

Not in my experience if you use the standard flip nozzle for Schrader valves, and you can easily tap the top of the Presta valve when removing the nozzle, or in screwing the nut back down, and in which case a whole lot more air than with a Schrader.

They also restrict the flow of air less than a Schrader valve when you are pumping them up.

True. And less likely to get sand and dirt in them. And if you want to take a air out, then its real quick.

ou can also put a simple and cheap adapter on them that basically turns them into a Schrader valve

10Pcs Presta To Schrader Valve Adapter$1.20 From Hong Kong Free Shipping

Or a Universal Bicycle Bike Tyre Tube Presta Dual Head Air Pump Adapter nozzle

1.78

Presta valves are lighter and more aerodynamic than Schrader valves

The difference is so insignificant it's not even worth discussing. You save more weight by trimming your fingernails before biking than you do with either valve.

and they let less air escape when you pull the pump head off of a high pressure tire.

I never had a problem with air escaping when pulling the pump head off, plus with Presta valves whatever you "save" you lose more in beginning because before you put air in a Presta, you 1st have to let a little out.

They also restrict the flow of air less than a Schrader valve when you are pumping them up.

No they don't quite the opposite. It often takes 4 or 5 times of putting the pump on then taking it off before air will even go into a Presta, and Presta's easily break which means no air gets in or out.

You can also put a simple and cheap adapter on them that basically turns them into a Schrader valve

The adapter won't make a Presta stronger. They will still break easily.

The only advantage Prestas have is if you own a bike shop, as you will sell/fix a lot more tubes. There's a reason cars, 747s, the space shuttle use good old Shraders and not Prestas