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Maybe on cars but on bikes valve caps are basically useless.
I wouldn't says useless.
For certain application, I don't see any reason to leave them in, such as for track racing, serve no purpose especially since the bicycle end up being indoor in a dry environment.
However the majority of application most definitely benefit from a valve caps being in places, haven't wrestle with so much stuck valves on customer's bicycles due to even the slightest bit of negligence.
@edscoble @dazzrie
Maybe on cars but on bikes valve caps are basically useless. There's no way that a valve would corrode or rust within its useable life if you're pumping it up regularly. Regardless, tubes are ~2 quid, who gives a shit. My love of valve caps is purely aesthetic / compulsive