Mine has the drain holes. If it didn't it would fill up with water. It has the grill covering like normal, just the flap that should be opening is not and was not ever able too. This I would assume is how all the other non-functioning-from-the-factory ones are as well.
It seems that most early cruisers have operational cowl vents, but that some models ('74 in particular) have non-operational cowl vents. Just wondering if this is a coincidence that mine just looks like it never was operational, or maybe this is a recurring trend that suggestions cowl vents...