"Wet" Clutches are more consistent in operation and have a longer service life due to a more consistent operating temperature, however they have more tendency to slip due to the fluid they are in, thus they require more friction plates. This causes a greater parasitic loss through the clutch due to the resistence of the fluid and the increased mass of more plates. Dry clutches are pretty much the opposite, they are not as consistent and they don't last as long, but they cause less parasitic loss because of fewer plates and less rotating resistence.
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Entia non sunt multiplicanda necessitatem
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