jsnyder, you're off by just a bit... .
The 235/85/r16's have a smaller contact area and thus are not only better at deep snow but also on hardpack due to their increase lb per square inch being applied. You spread that weight out over a larger and larger area and before long you have a sled. In dry conditions, dry asphalt, a wide tire is ok. In the racing circuits they are putting so much horsepower to the ground that they would tear/burn a thinner tire up. Instead they rely on spoilers to overcome the traction problem of a wide tire. The spoiler increases the lb per square inch of contact of the tire to the road. That is also why you throw sandbags in the bed of your truck in the winter so why use a wider tire that would decrease that effect? The higher the lb per square inch of contact the better the traction no matter what the road is made of as long as it is a hard surface. Wide tires are only good when you wish to increase the grab ability over rocks(wide, low pressure, off road applications), minimize damage(burning rubber, drag racing etc... )or sand and mud applications where thin tires would sink. In sand or mud applications you want to minimize your contact pressure and stay on top. Look at mud boggers. There are two ways to go. Fat tires skim across the surface, thin tires cut through to the bottom for traction.
As to the general question of D vs. E rated tires someone commented correctly earlier by stating that it is the number of belts in the tires. For every letter, the tire has an additional 2 belts. Thus an "A" rated tire has 2, a "B" rated tire 4, a "C" rated tire 6, a "D" rated tire 8, and a "E" rated tire 10.
The maximum load capacity does increase with volume. Although the 265's have better load capacity the 235's are a much stiffer and thicker and are less likely to become a victim of torn sidewalls or punctures. The 235's also generally have a better wear patterns and last longer than the equivalent 265. It basically boils down to tastes of the individual and it seems the big fat tires are currently the fad.