I wanted to share my experience with my recent installation of a Thule T2 Bike rack on a class 1 hitch. When in the collapsed mode, theres hardly noticable drag with maybe a loss of 1-2 mpg. The rack weighs in about 50 lbs. When loaded up it's a different story. haven't gone too far where I could gauge any measurements of mpg yet. But if you were thinking about going this route and worried about ground clearance like I was, rest assured this has plenty of ground clearance and you won't have to lift bikes up to a roof rack.
No wind noise or vibration. I live on the worse part of 80 in the North Bay and no noticable shaking when traveling on that freeway.
Hitch View

Loaded with Bikes

Collapsed view

Top view Collapsed to give you an idea of the distance from the trunk.

