It's pretty obvious that some of the posters on this thread have not raced on a banked indoor track, and certainly not at the Reggie Lewis, which probably holds the most World Records, and certainly the most American Records, of any indoor track.
I always thought that one of the main benefits of racing on an indoor track was the ease of consistent pacing, but that is not really a question of physics. I am not a physicist, but I have some observations through racing indoors on the Reggie Lewis through high school and college.
1. The lack of air resistance is one of the biggest benefits. For one thing, there are no cross winds at all. If you are drafting behind someone, they are truly buffering the air, and your saved energy is noticeable. For this reason alone, an evenly rabbited indoor track race is probably faster than any possible outdoor race- because wind resistance, I would argue, is a much greater energy drain than running on a tighter curved track.
2. On the bends, even in lane one, the Reggie Lewis track bounces, because it is on a raised platform. I have always thought that it had the highest energy return of any track I have ever run on, including brand-new outdoor Mondo tracks.
3. Lane one is moderately banked, so I don't know what some of the posters were talking about. Obviously, Galen runs faster than you or I. The faster you are running, the more the bank works in your favor...at least in terms of distance races.
4. My coach always said that racing at Reggie Lewis was like racing on a downhill track (yes I know, it doesn't make sense). The reason being, that if you are moving fast enough, your momentum will carry you uphill on the bank, and when you come off the bank, you are effectively running downhill. I am not sure if that is scientifically correct, but it always seemed true to me.