For one thing, they are not called "air brakes", but aerodynamic brakes.
There's a difference: air brakes are those found in buses and big trucks that have that queef (pfshhhh...) sound when the brake pedal is pressed and released. These are powered by compressed air that is stored in tanks. These buses/trucks have air pumps attached to the engine to provide pressure.
Air Brake for Bus/Truck:
Aerodynamic brakes are devices used mostly in airplanes that are made to disrupt aerodynamic flow over a certain body to induce drag and therefore reduce speed. Some japanese high speed trains use them too.
Aerodynamic Brakes on Airplanes:
Aerodynamic Brakes on a Train:
However, aerodynamic brakes on cars don't make much sense if they are on the front axle: when braking the front end dips, and the rear goes up (that's a law of physics). Air brakes will provide some downforce along with a slowing down force, so you want the air brake to be on the rear axle to create downforce and help keep the rear end low.
Those panels on the Nissan R89C look like breake heat dissipation panels (like mentioned before). Their main function is to open a door through which hot gases can dissipate when the car is braking. This car is capable of 200+ mph speeds, so those brakes (especially the front ones) produce an immense amount of energy, and that creates a lot of heat. That door is made to dissipate the heat. I suppose that this door does not open as much as pictured below when the car is going really fast. It probably opens an inch or two when the car is 100+ mph, then gradually as the car slows down, it opens more. A shown below, the car is probably going less than 60 mph when aerodynamics have less effect (any brick shaped car or bus can go 60 mph given adequate horsepower...)
Uh, sorry I had to get all technical and stuff.