The Code Zero was intended to provide the power of an overlapping genoa for reaching on boats that were rated as having non-overlapping jibs. When sailing upwind the efficiency of high aspect sail plans made the rating credit of not having an overlapping genoa worthwhile. The problem was when boats that were optimized for windward-leeward races went distance racing. In distance races most legs are reaches. Boats with non-overlapping jibs have a big hole in their sail inventory between the jib and their flattest spinnaker. The Code Zero was an ingenious work-around that built a very flat sail for reaching that worked like an overlapping reaching jib but measured as a spinnaker. To be categorized as a spinnaker, the mid girth measurement has to be at least 75% of the foot length.
Code Zeros are a must for distance racing on modern boats with non-overlapping headsails. Boats with small jibs are at a major disadvantage when jib reaching -- conditions when it is too close to carry a spinnaker, but the boat is not hard on the wind. Boats with overlapping genoas can get a lot more speed when they ease out their big genoas and they have the option of changing to an overlapping high-clewed jib top. Boats with non-overlapping jibs don't have enough sail area for reaching.
The Code Zero is more than twice the size of a non-overlapping genoa. The pictures above show the same boat sailing with a jib and her Code Zero. Code Zeros takes the place of a high-clewed overlapping jib top.