Do the Holes on Wing-tip shoes serve any Practical Function?

Answer 1

style
flexibility
breathability

"...wing-tips---the toe of the shoe is covered with a perforated panel, the wing-tip, which extends down either side of the shoe. wing-tips can be found in both balmoral and blucher styles. in england this is called a brogue...."
http://en.wikipedia.org/wiki/Shoe

"...wing-tip oxford--wing tips have a full brogue, which means they have an extra layer of leather protection over the entire surface of the shoe..."
...cap-toe oxford--so named because of an extra layer of leather across the toes. the cap can be plain, or it can have perforated or other cut-out decorations.
http://canadianheadhunter.blogspot.com/2005/02/shoe-fits-last-week-i-talked-about.html

Answer 2

They help prevent stinky-feet.
-MM

Answer 3

its for ventilation