Ive been seeing a lot of import cars with tilted wheels. I cannot tell if the wheels are tilted or if the wheels/tires are actually coned shaped. What is the point of this? Is it just for show? If not, does it have any real handling/performance gains that are applicable on our cars?

Looks like the suspension was lowered without other changes causing a lot of negative camber as a byproduct. Some negative camber can help handling... but that looks way excessive.

I would not volunteer to push that one in a corner.

I believe this is called "Stanced" they do it to tuck the tires and rims into the fenders at the lowered height?

correct. Drifters started this with the big negative camber "demon camber" to give them more grip when cornering, and in the last few years it has carried over to those on the streets, seeing how far they can tuck in the tire at the lowered ride height, they called it stance, can range from mild to wild. here is a recent article on speedhunters on an event in Japan:

http://www.speedhunters.com/2015/11/the-nation-of-stance/


shamless plug of my very own drift/autoX car lol:

"What is the point of this?"
1. http://www.theburningplatform.com/2011/07/24/peacock-syndrome-americas-fatal-disease/
2. Too much testosterone and no place to put it to use.

Pretty much it's a game for how low you can go. Often times a tall, but narrow tire is fitted onto a wide wheel so it stretches the sidewall. My friend who semi-professionally drifted said they did that because the stretched sidewall made the sidewall stiffer making it easier for them to break traction and slide. It's become popular on the street. Most achieve it properly by installing coil-overs, camber plates, and a "good" alignment. From what I've heard/seen they're not very comfortable on the street. It's usually set up way too stiff and low.

I can understand people doing it because they think it looks cool, got no problem with that. Seems like the sacrifice is too much though for a daily driver, driving on the sides of the wheels like that, doesnt that decrease the already small amount of tread that contacts the pavement? And wouldnt this wear out the tire faster, as well as the suspension components and half shafts?

I think it's a modern day version of "If it don't go, chrome it!"

Or the jacked up car with big tires sticking out of the wheel wells with air shocks and foot long rear shackles.