Holes do give the bike a racier look. Lots of people do the drilling for that reason. There are performance increases to the brakes if done right.
A few things to remember, holes should not be any bigger than the rotor is thick. Holes at or below thickness increase cooling area, once you go bigger the cooling area decreases.
Another thing is that the holes should over lap the row next to them. So the whole swept area is covered. You can see this in racerdave's pic. The row of holes on the outside edge are overlapped by the second row. Second by third, and so fourth.
The holes should have a sharp edge. No burrs from drilling, but no bevel. As the rotor wears, the bits of steel imbed in the pads, this reduces grip. The sharp edge of the holes clean these bits of steel off. That is one reason why the holes should over lap. That way the whole swept area stays clean.
As you use the brakes heat is created. This heat causes out gassing of the pads. This out gassing can lift the pads off the rotor. The holes let this outgassing escape. Over lapping the holes helps here too.
Leo