Interesting points, Gents. Thanks for the link Mgawa.
No the Washington was a poor effort

Better than the Merlin-powered Lincoln though. Maybe the RB-45s were the useful trade.
Back to the topic, I think John's raised some good points. It's the orthodoxy than the Schneider Trophy helped the British, Supermarine and Rolls Royce develop better technology, but some of that might be argued as John has. Actually, reliability was found in US airline use of those radials putting in the big hours - nearly as important as the sprint stuff?
While racing 'improves the breed' I'm not sure how good it is at initiating useful developments.
And regarding the Italians, John's point's again, a good one, but let's not forget
who crossed the Atlantic with a
flotilla of flying boats in the 1930s.
http://en.wikipedia.org/wiki/Italo_Balbo
The Italian aviation development process was fundamentally flawed by 1939, but prior to that they were lighting a candle under much bigger economies and aeronauts.