The cage rule is the reason why cars like the Norma or the Radical used by TMC have that cage outside of the typical open cockpit sports racer design.
Tajima's electric car have more or less matched the time of his old gas car. (maybe a bit slower, since the gas car ran the hybrid course with dirt and pavement). But I fully expect a company like Toyota or something will build a purpose built EV to try to win overall. They need to be really fast though to challenge the 8:13 mark...
University of Toronto Formula SAE Alumni 2003-2007
Formula Student Championship 2003, 2005, 2006
www.fsae.utoronto.ca