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on the studs; the round ends and blank lead-in would be for quick changes, with that amount of blank there is very little chance for a crossed thread and the round ends make it easier to get on target with the gun. As long as the nut covers sufficient thread I don't see any issues with safety.
Dan, I was wondering why the length... I recall that extra long lugs were a safety requirement, and thought it was to have the extra inch or so of threads... for the nut to have a hold on if it should lose the torque force smashing it onto the rim, it would then have some thread to keep that rim on the vehicle a little longer for the driver to feel or hear the loose rim, and safely get off the track.. that's why I wondered about the length of the lug... to have it bare is conflicting with what I thought was the safety feature of the extra threaded lenght. I love this, I get to learn from people who know stuff! I dig your explanation of the cross thread reason, and rounded lug end, I looked at those and immediately thought that was a good idea!