Correction: the rails are flat, it's the wheels that are also flat. So pretend the above are the upper half of the wheel profiles.
End result is more surface contact = more noise/squealing, also less self-centering of the wheels on the tracks, so the lips also brush against the rails. I think this also exacerbates the washboarding of the rails.
End result is more surface contact = more noise/squealing, also less self-centering of the wheels on the tracks, so the lips also brush against the rails. I think this also exacerbates the washboarding of the rails.